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Japan’s Biggest Bank MUFG To Issue Global Stablecoins
MUFG said that it would allow stablecoin issuer to mint their stablecoins through its Progmat blockchain platform.
Mitsubishi UFJ Financial Group Inc, the largest bank in Japan, is currently in talks with issuers of global stablecoins to issue its tokens through its own blockchain platform
Starting this month from June 1, Japan’s stablecoin law came into effect allowing the nation’s licensed banks, trust companies, and registered money transfer agents to issue these cryptocurrencies.
As said, MUFG is talking to multiple parties for using its blockchain platform Progmat, in order to mint stablecoins linked to foreign currencies, such as the US Dollar.
In an interview with Bloomberg, MUFG’s Vice President of Product Tatsuya Saito said: “Issuers and users can feel safe using stablecoins” now the legislation is in effect.