“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.”
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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.