Binance is working with the country’s largest bank, Mitsubishi UFJ Trust and Banking Corporation (MUTB), to explore stablecoin issuance in Japan.
Binance plans to join hands with MUFG and launch a stablecoin in Japan by the end of 2024. Binance, the world’s largest cryptocurrency exchange, has partnered with a unit of Japanese bank MUFG to examine the issuance of a new stablecoin as it re-enters the Japanese market.
Statements about the partnership came from the parties!
Binance announced today that Binance Japan Inc. and Mitsubishi UFJ Trust and Banking Corporation (MUTB) are working together to issue a stablecoin tied to fiat currencies, including the Japanese Yen and other foreign currencies.
According to the statement, MUTB is investigating the possibility of using its platform called “Progmat Coin” as an infrastructure for stablecoin issuance. They added that both companies plan to begin stablecoin operations by the end of next year after receiving valid regulatory approvals.
The news comes after Japan’s parliament introduced a legal framework for stablecoins in June 2022. This framework ensures that the Yen or any other price is linked to the currency and that its holders have the right to redeem them at face value. The legal framework came into force this June.
MUTB also commented on the business partnership. Tatsuya Saito, the company’s vice president of product, said: “We believe the new stablecoin from this collaboration will be a step forward in advancing Web 3.0.” said.
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