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Mitsubishi UFJ Trust Bank collaborates with Binance Japan and Progmat on a stablecoin initiative, leveraging Progmat Coin infrastructure. Anticipated stablecoin issuance follows the amended Fund Settlement Act's June 2023 implementation.
The stablecoin will be linked to the Japanese yen (JPY) and other foreign currencies, such as the United States dollar (USD). The introduction of stablecoins into the Japanese market aligns perfectly with the Japanese government's Web3 policy initiative.
With the Progmat Coin foundation, the bank aims to issue stablecoins on various chains, including Ethereum (ETH). Additionally, the bank aims to foster smooth inter-transfer and exchange mechanisms. To achieve this, the bank has announced several technological partnerships.
Once intermediaries utilizing the Progmat Coin infrastructure complete their license registration with the relevant authorities, the issuance and circulation of stablecoins are expected to commence. Mitsubishi UFJ Trust Bank has been at the forefront of developing infrastructure for stablecoin issuance following the amended Fund Settlement Act, which was implemented in June 2023.
On the other side of this collaboration, Binance Japan has made significant strides in the Japanese cryptocurrency market. In August 2023, the company launched services catering to the domestic market, offering trading for 34 cryptocurrencies. Globally, Binance's platform handles over 350 cryptocurrencies and serves a user base exceeding 150 million worldwide.
Binance Japan has expressed its intention to gradually expand its services to match its global counterpart, pending the completion of the necessary regulatory license registrations in Japan. During an online business briefing in August, Tsuyoshi Chino, the representative of Binance Japan, hinted at their involvement in the stablecoin venture.
Acknowledging the regulatory obstacles for stablecoin issuers in Japan, Chino highlighted that only "banks, fund transfer providers, and trust companies" are currently permitted to issue stablecoins. However, he expressed optimism about overcoming these challenges through collaboration with Mitsubishi UFJ Trust Bank.
To handle stablecoins in Japan, acquiring the "Electronic Payment Method Transaction Business" license, newly established under the amended Fund Settlement Act, is a mandatory requirement. Considering the licensing process, Binance Japan aims to launch its stablecoin by 2024.
Photo: Kanchanara/Unsplash
