MUFG holdings to issue stablecoin pegged to Japanese yen

According to the MUFG representatives, this may happen as early as 2023

08.02.2022 - 08:35

1 min

What’s new? According to Nikkei, the financial conglomerate Mitsubishi UFJ Financial Group (MUFG) is working on the launch of its own stablecoin. A new asset will be pegged to the Japanese yen and will be applied on a digital securities platform.

News source on the Nikkei website

What else is known about the new stablecoin? According to preliminary information, the launch of the project will take place next year. A stablecoin, called Progmacoin, is intended to run on the conglomerate’s blockchain platform. It will be used to make payments and conduct clearing. It should be noted that the launch of such projects has been made possible by a softening of the regulator’s stance. Earlier was mentioned that the Japanese government is considering relaxing strict coin listing rules.

According to MUFG, the use of a stablecoin will reduce transaction costs and simplify transactions for buying real estate and tokenized assets. The project’s infrastructure will be located in the city of Osaka, which will become the country’s regional financial center.

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