Top Eastern bank MUFG introduces unusual stablecoin platform

After a protracted time of digital forex style, Japan’s biggest bank MUFG has formally supplied its personal stablecoin project.

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Top Japanese bank MUFG introduces new stablecoin platform

Mitsubishi UFJ Monetary Community, Japan’s biggest monetary community, is working tough to steal the lead in stablecoin style, launching a proprietary stablecoin project.

On Wednesday, MUFG supplied its stablecoin platform known as “Progmat Coin,” a blockchain-based totally mostly system for issuing and managing stablecoins pegged on a 1:1 ratio to the Eastern yen.

The platform aims to enable a “universal digital asset price skill,” offering corrupt-chain interoperability with a huge fluctuate of alternative digital resources other than these issued on Progmat, besides to Japan’s central bank digital forex, the digital yen.

Per the announcement, the Progmat Coin project is per contributions and work by MUFG’s “ST Compare Consortium,” established encourage in 2019 with a mission to construct standards round security tokens. The consortium is now being rebranded to the “Digital Asset Co-introduction Consortium,” aiming to enlarge the scope of work beyond security tokens to other sectors fancy stablecoins, nonfungible tokens (NFTs), crypto resources and others.

As fragment of the project, the Eastern monetary extensive is furthermore planning to introduce a stablecoin per the Eastern yen, a spokesperson for MUFG confirmed to Cointelegraph.

“It’s upright that we are aiming to teach a Eastern yen-based totally mostly stablecoin. Now we fill the idea to teach our stablecoin throughout 2023,” the representative talked about. As beforehand reported, MUFG used to be beforehand working on same digital forex developments since on the very least 2015.

The spokesperson pressured out that the most contemporary stablecoin project is “totally varied” from Japan’s main digital forex project identified as “DCJPY.” Announced in November 2021, the initiative united about 70 Eastern companies, including MUFG, Mizuho and Sumitomo, to originate a yen-based totally mostly digital forex in 2022.

Related: Japan-based totally mostly messaging app will provide trial bustle of native token starting in March

The news comes amid Eastern monetary companies rising increasingly in issuing and managing digital currencies and stablecoins. Local news company Nikkei Asia reported last week that Eastern trading residence Mitsui used to be planning to teach a cryptocurrency pegged to gold.

As beforehand reported, the Eastern Monetary Products and companies Company used to be planning to imply regulations in 2022 to limit stablecoin issuance to supreme bank and wire switch companies.

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