MUFG enables bank-backed stablecoin issuance amid new Japanese regulations

Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, outlined its Progmat Coin platform last Friday to enable the issuance and trading of stablecoins issued and backed by Japanese banks.

See related article: Japan’s financial regulator aims to lift ban on foreign stablecoins by June this year

Fast facts

• Progmat Coin uses blockchain technology to enable the issuance and trading of digital assets. This platform will allow banks in Japan to launch stablecoins on Ethereum, Polygon, Avalanche and Cosmos, with plans to expand to more public blockchains in the future. 
• MUFG partnered blockchain tech firms Datachain and Toki to build cross-chain capabilities and interoperability between public blockchains. 
• MUFG’s announcement came a day after Japan’s new laws that limit stablecoin issuance to established financial institutions came into effect. 
• Progmat Coin signifies an advancement for the Japanese crypto industry. The bank’s support for stablecoins brings credibility and legitimacy to the market. 
• In an industry known for price fluctuations, stablecoins provide a steady and secure option for investors, and MUFG’s platform could enhance accessibility for a broader user base.

See related article: Japanese banks to launch, test stablecoins on ‘Japan Open Chain’

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