Stablecoin

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In a significant partnership&nbsp;<a href="https://prtimes.jp/main/html/rd/p/000000103.000036656.html" rel="noopener noreferrer nofollow">announcement</a>, Binance Japan, the division of the world's largest crypto exchange, has revealed its collaboration with Mitsubishi UFJ Trust and Banking Corporation (MUFG), Japan's largest banking group, worth $3.1 trillion in total assets. The key focus of this collaboration is the development of a new stablecoin. 
What set the stage for this monumental collaboration was Binance's reentry into the Japanese market in August 2023, after clearing regulatory challenges. 
This initiative centers around the utilization of the Progmat Coin platform. Initially introduced in 2022, the platform's purpose is to facilitate the creation and management of stablecoins linked to the Japanese yen (JPY). This move follows regulatory updates made by Japanese authorities in June 2023, which have opened the door to stablecoin advancements. 
<blockquote> 
 More stablecoins bring in more fiat liquidity, which then...— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1706590268739158207?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 26, 2023</a> 
</blockquote> 
Progmat Coin has already garnered support from several local banks, including Mizuho Bank and&nbsp;<a href="https://u.today/xrp-expansion-ripple-and-tranglo-set-sights-on-three-fresh-countries" rel="noopener noreferrer nofollow">SBI Holdings</a>. Through this platform, Japanese banks will gain the ability to issue stablecoins on well-established public blockchains such as&nbsp;<a href="https://u.today/mega-transfers-of-xrp-btc-eth-worth-hundreds-of-millions-of-dollars-spark-controversy" rel="noopener noreferrer nofollow">Ethereum</a> and Polygon, with plans for expansion to other blockchain ecosystems in the future. 
Both companies have set an ambitious timeline, with plans to commence stablecoin operations by the end of 2024. The primary objective of this partnership is the introduction of new stablecoins pegged to the Japanese yen and other global currencies. Head of&nbsp;<a href="https://u.today/new-xrp-ada-futures-listing-to-be-made-by-binance-details" rel="noopener noreferrer nofollow">Binance</a> Japan sees this collaboration as a crucial link connecting Japan's real-world economy, the evolving blockchain space and the expansive global Binance ecosystem.

Binance Meets Mitsubishi's $3.3 Trillion Muscle in Epic Stablecoin Launch

U_Today

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