Japan’s Largest Bank Plans to Issue Global Stablecoins
Mitsubishi UFJ Financial Group Inc. is engaged in discussions with global stablecoin issuers to launch its own tokens on its blockchain platform. With Japan’s stablecoin law in place, MUFG plans to utilize its Progmat blockchain platform to create stablecoins linked to foreign currencies such as the US Dollar.
Tatsuya Saito, Vice President of Product at MUFG, highlighted the enhanced security and trust in stablecoin usage due to the new regulations. While MUFG currently has no plans to release its own stablecoin, Saito mentioned the bank’s intention to use Progmat for issuing security tokens on behalf of third parties.
The bank is also exploring stablecoin collaborations with entertainment companies, non-financial businesses, and a consortium of Japanese financial institutions. Saito further noted that overseas financial groups have shown interest, indicating the potential for Japan to become a global center for stablecoin issuance.
According to Saito, the ability to denominate stablecoins in various currencies under the new regulation presents an opportunity to issue tokens for international use. He believes this development is a significant opportunity for Japan.
