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

10M ago
bullish:

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bearish:

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Japan’s_Investment_Bank_Launches_Crypto_Business_in_Switzerland
  • 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…

The post Japan’s Banks Prepare to Use MFG’s Progmat Coin to Issue Stablecoins appeared first on Coin Edition.

10M ago
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bearish:

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