TechFlow news, Mitsubishi UFJ Trust Bank announced a partnership with Binance Japan to jointly research a new stablecoin issuance initiative. The project will leverage the "Progmat Coin" infrastructure and is expected to launch after 2024. This initiative aims to promote diversified financial services and improved efficiency, aligning with the Japanese government's Web3 policies.
Through its collaboration with Mitsubishi UFJ Trust Bank, Binance Japan plans to gradually roll out services comparable to its global counterpart after completing the required licensing registration under domestic regulations. This partnership is expected to overcome the high barriers associated with stablecoin issuance, thereby expanding the use of yen-pegged stablecoins beyond just cryptocurrency demand into areas such as trade and digital securities.
Mitsubishi UFJ Trust Bank has already led the development of the "Progmat Coin" infrastructure since June 2023 under the amended "Funds Settlement Law." This infrastructure supports stablecoin issuance on public blockchains such as Ethereum (ETH), aiming for seamless interoperability and exchange. Various branded stablecoins are expected to begin issuance and circulation once relevant intermediary institutions complete registration with the authorities.
In addition, Binance Japan launched its services in the Japanese market in August 2023, offering trading for 34 crypto assets and becoming one of the largest cryptocurrency exchanges in the country. The global Binance platform is the world’s largest crypto exchange, offering over 350 crypto assets and serving more than 150 million users.
