Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, is in talks for a global stablecoin issuance.
With the entry into force of the stablecoin law in Japan on June 1, steps started to come from institutions. Banking giants continue their research on digital assets. Japan’s largest bank, MUFG, is working on issuing stablecoins on the blockchain.
Stablecoin Step From Japan’s Largest Bank
Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, continues its blockchain and stablecoin studies. The bank is pursuing a stablecoin that will be used globally.
MUFG Vice President of Product Tatsuya Saito stated that the bank is using the blockchain platform Progmat in its stablecoin studies. Saito stated that talks are ongoing to use US dollar and multi-currency stablecoins globally.
Saito pointed out that stablecoin issuers or users can feel safe. Also, Saito did not reveal the stablecoin issuers MUFG spoke to.
The bank’s plans include serving its customers through a globally established stablecoin network. The steps of Japan’s largest bank in this context have not yet been fully concluded.
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