MUFG to facilitate Japanese bank-backed stablecoins via Progmat Coin platform

Megabank Mitsubishi UFJ Financial Group (MUFG) has actually announced that its stablecoin issuance platform “Progmat Coin” will soon be utilized by Japanese banks to release Yen-pegged stablecoins on a number of public blockchains.Japanese banks have actually recently detailed intents to either look into or launch stablecoins following new guidelines that came into impact this month. According to a June 1 report from Nikkei Asia, Shikoku Bank, Tokyo Kiraboshi and Minna Bank all plan to release stablecoins, nevertheless, it appears they will not be utilizing Program Coin to do so. The publication mentions that these banks will use a different stablecoin platform established by Tokyo-based start-up G.U. Technologies.Magazine: Asia Express: Yuan stablecoin team arrested, WeChats new Bitcoin costs, HK crypto guidelines