Mitsubishi UFJ Trust and Banking Corporation, one of Japan’s largest banks, announced a new technical partnership with cryptocurrency firms Datachain and Soramitsu. The aim of the partnership was to streamline mutual transfers and facilitate trade between the various stablecoins planned to be issued in Japan. Here are the details…
Partnered with two cryptocurrency companies in Japan
The partnership will use various stablecoins issued using “Progmat Coin”, the stablecoin issuance and management platform managed by Mitsubishi UFJ Trust and Banking, and the open-source Blockchain platform Hyperledger Iroha, which Soramitsu contributes to development. Disclosures on the subject will be made assuming regional cryptocurrencies valued by regional banks. Datachain, with which the bank is a partner, “enables data from around the world to be securely connected with Blockchain.” Soramitsu, on the other hand, is a Tokyo-based fintech company specializing in Blockchain technology. Hyperledger is the parent company contributing to Iroha.
cryptocoin.com As we reported, Japan became the first country in the world to define stablecoins as “electronic payment methods” under the Payment Services Act, which was revised in 2022, and the law will take effect in 2023. It is worth noting that these coins are defined by country regulators as various stablecoins and regional crypto/digital currencies that are planned to be issued by various banks in the future. So for now, it’s definitely not related to cryptocurrencies that already exist in the market.
The partnership will also explore ways to improve the efficiency of cross-border remittances and reduce fees through reciprocal transfers and swaps with overseas CBDCs. The partnership will leverage technologies such as Corda and Hyperledger Iroha to interchange multiple stablecoins and cryptocurrencies across different Blockchains, connecting both Blockchains and transacting simultaneously on both Blockchains. CBDCs stands for Central Bank Digital Currencies. These are digital versions of fiat currency issued and backed by a country’s central bank. CBDCs are only available in digital form.
Creating new use cases with partnership
These connections will include middleware such as “YUI”, a Blockchain interoperability project led by Datachain in research and development, “IBC”, a messaging protocol adopted by YUI, and “LCP” that enables interoperability. Stablecoins have the potential to revolutionize international remittances, micropayments, and transactions of digital assets such as securities and NFTs. This partnership aims to create advanced use cases for stablecoins and create a financial infrastructure that can be used globally by connecting different blockchains in a secure and practical way.
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