Mitsubishi UFJ Financial Group (MUFG), the largest bank in Japan, announced its plans to deploy and distribute bank-backed stablecoins on different public blockchains. The Japanese bank has partnered with Datachain, a blockchain interoperability company, and Toki, a cross-chain bridge, to allow the interoperation of these licensed stablecoins along several blockchains using its Progmat Coin protocol.
MUFG Presents Technical Partnership for the Issuance of Stablecoins
MUFG has announced that it plans to deploy stablecoins on top of public blockchains. The bank, which held $776 billion in assets under management (AUM) by 2020, is partnering with Datachain, a blockchain interoperability company, and Toki, a cross-chain bridge.
The announcement of MUFG comes after the revised funds’ settlement law passed in 2022 came to take effect on Thursday to allow financial institutions to issue stablecoins. MUFG will use its in-house developer “Progmat Coin” platform for this. Progmat Coin is a
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