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Japan launches revolutionary stablecoin: banks join forces!
Japan's largest banks initiate first yen-pegged stablecoin to streamline international payments. Cooperation for digital currency is growing.
Japan launches revolutionary stablecoin: banks join forces!
Japan's largest banks are collaborating to launch a stablecoin pegged to both the Japanese yen and the US dollar. This cooperation includes major financial institutions such as Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group (SMBC) and Mizuho Financial Group. The aim of this initiative is to improve cross-border payments and optimize financial processes. The stablecoin is intended to make international payments faster, cheaper and more efficient.
A central element of this project is the blockchain infrastructure platform Progmat, developed by MUFG. This platform will manage the issuance of the stablecoin while ensuring that all regulatory requirements are met. Initially, the stablecoin will be used for settlement by Mitsubishi Corporation.
Optimization of payments
Another key goal of the initiative is to create a unified platform for stablecoin payments. This is intended to make the processing processes easier and reduce costs for companies. The collaboration is seen as part of Japan's efforts to modernize cross-border payments and strengthen its position in the global digital currency market.
Through the launch of the stablecoin and through collaboration with the Japan Financial Services Agency (FSA), which is currently reviewing approval for the first yen-denominated stablecoin from a fintech company called JPYC, it is clear that Japan is ready to take a more active role in the growing crypto market in Asia.
Additionally, the FSA has begun to ease regulation of stablecoins, also indicating the country's efforts to advance digital currency and its applications.