Japan’s largest bank MUFG with Progmat Coin solution Ethereum, Avalanche, Cosmos And polygon announced the issuance of local bank-backed stablecoins on multiple public blockchains, including
The timeframe for the launch has yet to be confirmed, as the work is still at an early stage.
Progmat Coin is designed to support stablecoin issuance from various trust banks, not just MUFG. Yesterday, new legislation went into effect allowing Japanese trust banks to issue stablecoins.
MUFG was working with blockchain interoperability startup DataChain. It also collaborates with TOKI, a cross-chain bridge solution for public blockchains based on DataChain’s technology.
The goal here is to support public blockchain cross-chain swaps, cross-chain payments, and cross-chain loans. For example, the purchase of an NFT can be done with a Progmat Coin on a different blockchain.
TOKI will make this possible by running liquidity pools with Progmat Coins on multiple blockchains. TOKI was founded in Dubai in March this year by a DataChain manager and this year it intends to launch its bridge and own cryptocurrency plans to take it out.
The solution is believed to be primarily focused on the Japanese market, and it is questioned whether users will need to comply with the know-your-customer standard (KYC) to hold stablecoins.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!