This intention is related to the law on stabelcoins in Japan, which prohibits the issue and circulation of stable cryptocurrencies in the country to foreign companies. The document permits such issuance only to nationally licensed banks, money transfer companies, and trust firms.
According to Tatsuya Saito, MUFG’s vice president of products, the bank is in talks with several companies at once. They are offered to issue their own stabelcoins on the Progmat platform. Saito did not say exactly which firms are in talks with, but stressed that they are talking about issuing third-party steblecoins rather than launching their own token.
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“Once the law goes into effect, companies issuing stabelcoins, as well as their users, will be free to work with such assets,” the bank’s top executive stressed.
Interestingly, according to Saito, stabelcoins issued on the Progmat platform can be used not only in Japan, but also abroad. A regulated platform would give users more reliability, says the MUFG vice president.
Recall that the Progmat platform was introduced by Mitsubishi Banking Group early last year.<br