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FameEX Hot Topics | Japan's Mitsubishi UFJ Bank Works on Interoperability for Yen Stablecoin

2023-03-29 10:48:45

Mitsubishi UFJ Bank in Japan is currently developing a stablecoin called Progmat Coin that uses the Hyperledger Iroha. The goal of this initiative is to improve exchange with domestic financial institutions and streamline interbank, business-to-business, and personal remittances. It is expected that the stablecoin may eventually enable cross-border remittances and exchanges with other central bank digital currencies (CBDCs). A bill on stablecoins is expected to be implemented in Japan in 2023, which would allow banks to issue stablecoins.

Initially, Progmat Coin was introduced in 2022 as a settlement solution. However, the stablecoin may also feature on other networks and could eventually develop into a platform with a utility token in the works. The stablecoin's development may also focus on non-fungible tokens (NFTs) and other crypto assets. As Japan's blockchain and cryptocurrency efforts continue to ramp up, it may soon allow 13 registered trust banks, including Mitsubishi UFJ Bank, to offer crypto custody services. Lawmakers are keen to ensure investor protection during these developments.

The growing demand for digital currencies in the financial sector aligns with Mitsubishi UFJ Bank's focus on blockchain technology and cryptocurrencies. The Progmat Coin's interoperability with domestic financial institutions will likely increase its adoption and usage in the market, creating new use cases for the stablecoin. Furthermore, with the development of CBDCs, it will be interesting to see how the Progmat Coin will interact with other digital currencies in the market.

In related news, China's Alibaba has announced a web3 incubator in Japan, indicating a growing interest in the country's blockchain and crypto ecosystem. The incubator will involve collaboration between Tokyu Land Corporation and Skeleton Crew Studio and will eventually introduce a blockchain node service. This move highlights Japan's growing reputation as a hub for web3 talent and innovation, which could attract more attention and investment to the country's blockchain and crypto space.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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