The largest bank in Japan, Mitsubishi UFJ Financial Group (MUFG) has announced its own stablecoin project, Progmat coin, will be ready to be issued by 2023.
The blockchain-based system is one that issues and manages stablecoins on a pegged 1:1 ratio to the Japanese yen.
The product is designed especially for the development of the stablecoin, with a focus on a “universal digital asset payment method”, providing cross-chain interoperability with several digital assets that aren’t issued on Progmat, as well as the digital yen.
In 2019 the MUFG’s ST Research Consortium was established with an overall mission to increase the standards of security tokens.
The announcement of the new Progmat Coin explained that the project is based on the contributions and work of such a consortium.
The name has now been rebranded to the Digital Asset co-creation consortium, which aims to further the scope of work from not just security tokens but crypto assets. Non-fungible tokens (NFTs), stablecoins and more.
The idea behind the new stablecoin is for faster and more efficient transactions, with the view that “digital currency speeds up payments and further enhances convenience”. It seems that Japan has become heavily involved in the rise of crypto technology with financial firms indicating a growing interest in digital currencies and stablecoins.
With the recent purchase of Japanese crypto exchange Liquid by FTX, the country is making strides into the digital space.
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