Japan’s MUFG unveils Progmat Coin, a stablecoin issuance platform supporting local bank-backed stablecoins on multiple public blockchains. The platform aims to provide a universal digital asset payment method for stablecoins, cryptocurrencies, and a Japanese CBDC while addressing potential security concerns.
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Pushing Boundaries: Binance’s Plan for Stablecoins Expansion in Japan
“Binance plans to launch stablecoins pegged to the dollar, euro, and yen in partnership with Mitsubishi UFJ Financial Group in Japan. Leveraging MUFG’s blockchain platform, this initiative aims to launch in 2022, expanding existing crypto trading and payment services. Future offerings could also be introduced subject to regulatory approvals.”
Stablecoin Surge: Binance and MUTB’s Bold Move into Japan’s Potential $34 Billion Market
Cryptocurrency exchange Binance and Mitsubishi UFJ Trust and Banking Corporation are planning to issue Yen and foreign currency-denominated stablecoins in Japan, aligning with the country’s Payments Services Act. This venture aims to boost the adoption of Web3 in Japan, despite possible regulatory challenges. They plan to use the “Progmat Coin” platform, which prioritizes regulatory compliance in the issuance and management of stablecoins.
Navigating Japan’s Crypto Future: A Tale of Opportunities, Challenges, and Innovation
“Kei Oda, former Goldman Sachs trader and current head of Quantstamp Asia-Pacific, discusses his journey into blockchain and crypto trading. Despite setbacks and high taxation, he recognizes the vibrancy of Japan’s crypto ecosystem, its appeal to startups, and potential for revolutionary uses like Ethereum. Furthermore, Oda expresses confidence in Japan’s balancing act in crypto regulation, inspiring interest even from its largest banking conglomerate.”
Decoding Global Markets: Fluctuating Ruble, Peso and Unexpected Stagnancy of Bitcoin and Gold
The Russian ruble and Argentina’s peso’s recent turbulence exposes potential global market weaknesses. However, Bitcoin and gold have not seen the anticipated safe-haven investment surge. Possible reasons include the rise in U.S. government bond yields, which may reveal more systemic vulnerabilities.
Japan’s Stablecoin Law: Opportunities, Challenges, and the Future of Crypto
Japan’s largest bank, Mitsubishi UFJ Financial Group (MUFG), is engaging in discussions with global stablecoin issuers to mint tokens on its Progmat blockchain platform, following Japan’s new stablecoin law. MUFG’s VP of Product, Tatsuya Saito, emphasized the importance of stablecoins in providing reliable assets for investors during volatile trades and how Japan could potentially become a hub for stablecoin issuance.
JPMorgan’s Blockchain Partnership With Indian Banks: Pros, Cons & GIFT City’s Future
JPMorgan Chase partners with six major Indian banks to launch a blockchain-based platform for settling interbank dollar transactions, aiming to enhance efficiency and expedite transactions. The pilot project utilizing JPMorgan’s Onyx platform is scheduled to start on Monday.
Japanese Banks Embrace Yen-Pegged Stablecoins: Analyzing Opportunities and Challenges
MUFG’s Progmat Coin platform enables Japanese banks to launch Yen-pegged stablecoins on multiple public blockchains such as Ethereum, Polygon, Avalanche, and Cosmos. As new regulations take effect, banks are exploring or launching stablecoins, potentially advancing mainstream crypto asset acceptance.