Mitsubishi UFJ Monetary Group (MUFG), Japan’s largest monetary group, is working laborious to take the lead in stablecoin growth, launching a proprietary stablecoin mission.
On Wednesday, MUFG launched its stablecoin platform known as “Progmat Coin,” a blockchain-based system for issuing and managing stablecoins pegged on a 1:1 ratio to the Japanese yen.
The platform goals to allow a “common digital asset cost methodology,” offering cross-chain interoperability with a variety of different digital property aside from these issued on Progmat, in addition to Japan’s central financial institution digital forex, the digital yen.
In keeping with the announcement, the Progmat Coin mission is predicated on contributions and work by MUFG’s ST Analysis Consortium established again in 2019 with a mission to develop requirements round safety tokens. The consortium is now being rebranded to the Digital Asset Co-creation Consortium, aiming to increase the scope of labor past safety tokens to different sectors comparable to stablecoins, nonfungible tokens, crypto property and others.
As a part of the mission, the Japanese monetary large can be planning to introduce a stablecoin primarily based on the Japanese yen, a spokesperson for MUFG confirmed to Cointelegraph.
“It’s true that we’re aiming to situation a Japanese yen-based stablecoin. We’ve got the plan to situation our stablecoin throughout 2023,” the consultant acknowledged. As beforehand reported, MUFG had be beforehand engaged on related digital forex developments since not less than 2015.
The spokesperson pressured that the newest stablecoin mission is “utterly totally different” from Japan’s main digital forex mission referred to as “DCJPY.” Introduced in November 2021, the initiative united about 70 Japanese corporations, together with MUFG, Mizuho and Sumitomo, to launch a yen-based digital forex in 2022.
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The information comes amid Japanese monetary companies rising more and more interested by issuing and managing digital currencies and stablecoins. Native information company Nikkei Asia reported final week that Japanese buying and selling home Mitsui was planning to situation a cryptocurrency pegged to gold.
As beforehand reported, the Japanese Monetary Providers Company was planning to suggest laws in 2022 to limit stablecoin issuance to solely financial institution and wire switch corporations.