MUTB, a subsidiary of Japan’s largest financial institution Mitsubishi UFJ Financial Group (MUFG), has reached an agreement with Binance’s Japanese subsidiary on stablecoin.
Japan based news agency coinpost According to the news reported by the country’s largest financial institution Mitsubishi UFJ Financial Groupnew develop stablecoins And launch for Binance It will work together with Japan.
Binance Japan and MUTB will use Progmat, a stablecoin issuance platform, for this work. According to the information conveyed Japanese Yen (JPY) Besides the US Dollar (USD) Plans are also being made to issue stablecoins in fiat currencies such as. According to the news in question, both stablecoins 202released in 4 will be driven away.
It was stated that the entry of stablecoins into the Japanese market is an important step in diversifying financial services.
MUFGRecently Japan Revised Fund Settlement Law suitable and working on stablecoin developments Progmat Coin He pioneered the development of infrastructure.
Representative of Binance Japan Takeshi Chino Last month, he referenced the stablecoin issue in an online business presentation:
In line with the sanctions of the Japanese regulator, the business of issuing stablecoins in the country is limited to banks, fund transfer operators and trust companies, and other companies face obstacles to issuing stablecoins. However, a joint venture managed with Mitsubishi UFJ Financial Group helps overcome these obstacles and gives us legal status.
The Japanese parliament recently Terra (UST) For investors after the crash security framework He approved the stablecoin law to create it.
Mitsubishi UFJ Financial Group manager Tatsuya Saitoat the end of June global stablecoin issuance He stated that they were taking action to