MUFG to Launch Yen-Pegged Stablecoins on Public Blockchains

MUFG is planning to bring Yen-Pegged Stablecoins on Open Blockchains

Megabank Mitsubishi UFJ Financial Group (MUFG) has announced that its stablecoin issuance platform, Progmat Coin, will be utilized by Japanese banks to launch Yen-pegged stablecoins on public blockchains. The platform will initially support Ethereum, Polygon, Avalanche, and Cosmos, with plans to add more networks in the future. MUFG's partners, TOKI and Datachain, are developing a bridge for cross-chain transactions, lending, and swaps. The bank aims to launch the cross-chain infrastructure in the second quarter of 2022. While MUFG has not disclosed the first banks to use Progmat Coin, Shikoku Bank, Tokyo Kiraboshi, and Minna Bank plan to issue separate stablecoins using a platform developed by G.U. Technologies.