Japan's MUFG Empowers Domestic Banks in Issuing Stablecoins

Mitsubishi UFJ Financial Group (MUFG), the biggest financial institution in Japan, has announced that it would utilize the Progmat Coin platform to produce locally backed stablecoins across public blockchains. Ethereum, Avalanche, Cosmos, and Polygon will all be used to issue stablecoins.

Progmat Coin, it was said, is built to work with stablecoin issuance from any trust bank, not only MUFG. As of this month, stablecoins may be issued by Japanese trust banks thanks to new regulations.

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