Cryptocurrency

Mitsubishi UFJ, the prominent Japanese banking giant, recently announced its plans to introduce an advanced platform facilitating the issuance and interoperability of stablecoins across different blockchain networks. Collaborating with Tokyo-based company Datachain, Mitsubishi UFJ aims to construct a robust cross-chain infrastructure specifically designed for stablecoins. This groundbreaking project commenced its pilot phase in March, showcasing the bank&#39;s dedication to pioneering financial innovations.To establish liquidity pools for each blockchain network handled by the platform, Mitsubishi UFJ will work closely with Dubai-based company Toki. The envisioned stablecoin issuance management platform, Progmat Coin, is set to support popular public blockchain networks like Ethereum, Cosmos, Avalanche, and Polygon, with plans for expansion to other networks in the future. This strategic move by Mitsubishi UFJ comes shortly after Japan enacted a legal amendment lifting the longstanding ban on stablecoin issuance for domestic firms. Consequently, several trust banks in Japan are eagerly exploring the possibility of launching stablecoins, which hold great potential for facilitating international trade.While Mitsubishi UFJ had previously disclosed its intention to release its own coin, recent months have seen the bank shift its focus towards blockchain interoperability solutions. As Japanese banks formulate their stablecoin strategies, it becomes apparent that they are leveraging diverse blockchain solutions. However, without a bridge-type solution, conducting transactions between different networks may pose challenges. Thus, Mitsubishi UFJ and its partners emphasize the global applicability of their initiative, aiming to launch a cross-chain bridge with worldwide accessibility during the second quarter of 2024.The envisioned platform will not only enable cross-chain swaps, lending, and payments but also strive to offer issuance options for non-fungible tokens (NFTs) and security tokens. Toki, in its own announcement, highlighted the significance of integrating real-world Japanese assets into the crypto sphere and expressed optimism for the exciting future ahead. With Mitsubishi UFJ&#39;s expertise and collaborative efforts, this project paves the way for a transformative integration of stablecoins and blockchain technology, bringing immense opportunities and advancements to the financial landscape.

Japanese Megabank Mitsubishi UFJ to Launch Stablecoin Issuance Platform in 2024

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