Mitsubishi UFJ Financial Group (MUFG), the largest financial group in Japan. It is working hard to lead the stablecoin development, officially launching its own stablecoin project.
MUFG has launchedA stablecoin platform called “Progmat Coin” is a blockchain-based system for issuing and managing stablecoin with a ratio of 1:1 to the Japanese yen.
platformthis aimsto activate It is a “universal digital asset payment method” and cross-chain collaboration with many other digital assets other than those issued in Progmat, as well as the Bank of Japan digital currency, “Digital Yen”.
The Progmat Coin project is based on the contributions and contributions of MUFG’s ST Research Consortium, whichestablishedIn 2019, with a mission to develop a standard for security tokens, it is now rebranded as the Digital Asset Co-creation Consortium with the aim of expanding its functionality beyond security tokens to other sectors such as stablecoins, tokens. NFT, digital assets, etc.
As part of the project The Japanese financial giant also plans to launch a stablecoin based on the Japanese yen. As confirmed by a MUFG spokesperson
“It is true that we are aiming to issue a stablecoin that is tied to the Japanese yen. We plan to release our stablecoin sometime in 2023,” the representative said.
The spokesperson also stressed that the latest stablecoin project is “completely different” from the major Japanese digital currency project known as “DCJPY” announced in November 2021, with around 70 Japanese firms including MUFG, Mizuho, and others. Sumitomo to launch the digital yen used in 2022
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