Japan’s Banks Prepare to Use MFG’s Progmat Coin to Issue Stablecoins

• MFG declared that its stablecoin issuer Progmatic Coin would be soon used by Japanese banks.
• The banks would use the platform to issue stablecoins on crypto networks.
• The Japanese financial company has collaborated with Datachain and TOKI to promote the interoperability of blockchains.

Mitsubishi UFG Financial Group (MFG), a Japanese financial services company announced on June 2 that Progmat Coin, the stablecoin issuance platform of MFG would facilitate the issuance of bank-backed stablecoins on the leading crypto networks including Ethereum, Polygon, Avalanche, and Cosmos. The report stated that the Japanese banks would soon use Progmat Coin to launch the yen-pegged stablecoins on the public blockchains.

MUFG introduced the Progmat Coin in February 2022, with the intention to enable a “universal digital asset payment method,” promoting cross-chain interoperability with a wide range of virtual assets, and the digital yen, Japan’s central bank digital currency.

In June 2022, the Japanese government issued a bill proposing a ban on stablecoin issuance by non-banking institutions, which came into complete effect on June 1, 2023. The bill intended to li…

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