Binance Japan is partnering with Mitsubishi UFJ Trust Bank (MUTB) to create new stablecoins pegged to major currencies in Japan. The partnership will launch stablecoins pegged to fiat currencies, such as the Japanese Yen, and other foreign currencies, such as the U.S. Dollar.
The stablecoins will be built on Progmat Coin, a compliant infrastructure platform Mitsubishi owns. Progmat Coin was developed to comply with the Payments Service Act. Several major banks in Japan, including Mizuho Bank, SMBC, and SBI Holdings, back the platform.
A Sept. 26 statement revealed that the two organizations have initiated a collaborative study into creating stablecoins. Once this study is concluded and the necessary licenses are secured, the stablecoins will be available to the public.
“Under this partnership between MUTB and Binance, the joint study aims to drive mass adoption of Web3 and foster a thriving Web3 ecosystem in Japan,” it added.
General Manager for Binaance Japan Takeshi Chino highlig
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