Japan’s MUFG Plans to Issue Stablecoins
According to a recent Bloomberg report, MUFG, Japan’s largest bank, is looking for a way to start producing stablecoins backed by multiple worldwide fiat currencies, including USD, on its own blockchain platform called Progmat.
MUFG intends to launch popular stablecoins. Mitsubishi UFJ Financial Group Inc. has started talks with companies that mint popular stablecoins used around the world about releasing these stablecoins in Japan as well, via Progmat.
On June 1, the local government introduced legislation requiring licenced Japanese banks and money transfer companies to create digital currencies. Overall, according to MUFG’s chief executive Tatsuya Saito, this rule has allowed both issuers and consumers to use stablecoins and “feel safe” doing so. Nonetheless, he did not name any of the parties with which the bank has been negotiating stablecoin emission.
(With inputs from Shikha Singh)
You need to login in order to Like