One of Japan’s most prominent banks, Mitsubishi UFJ Financial Group (MUFG), has announced its intention to issue global stablecoins linked to various foreign currencies, notably the United States dollar. To accomplish this, the financial powerhouse will utilize its Progmat platform for minting these coins.
Since the beginning of June, Japan has implemented a new law, allowing licensed banks, trust companies, and registered money transfer agents in the country to legally issue these cryptocurrencies. By establishing itself as a global hub for stablecoin issuance, Japan has positioned itself to support the expansion of decentralized internet and web3 companies.
This strategic move is expected to open up lucrative opportunities within the digital realm, allowing the nation to explore and benefit from the potential growth in this space.
MUFG To Develop Security Token Offering Platform For External Parties
According to Tatsuya Saito, the Vice President of Products at MUFG, overseas financ
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