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FameEX Hot Topics | Mitsubishi UFJ Bank in Japan is Developing Interoperability for Yen Stablecoin

2023-03-29 10:48:45

Japan's Mitsubishi UFJ Bank is developing interoperability for a stablecoin called Progmat Coin that uses the Hyperledger Iroha. The aim is to improve exchange with domestic financial institutions and streamline interbank, business-to-business, and personal remittances. The stablecoin may also enable cross-border remittances and exchanges with other central bank digital currencies (CBDCs) in the future. Japan is expected to implement a bill on stablecoins in 2023, allowing banks to issue stablecoins. Progmat Coin was announced in 2022 as a settlement solution, but it could feature on other networks and 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. Japan's blockchain and cryptocurrency efforts are ramping up, and 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.

Mitsubishi UFJ Bank's focus on blockchain technology and cryptocurrencies aligns with the growing demand for digital currencies in the financial sector. 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 recently announced a web3 incubator in Japan, signaling a growing interest in the country's blockchain and crypto ecosystem. The incubator will see collaboration between Tokyu Land Corporation and Skeleton Crew Studio and will eventually introduce a blockchain node service. The move highlights Japan's growing reputation as a hub for web3 talent and innovation, and it 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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