Mitsubishi UFJ Financial Group's stablecoin platform Progmat will issue a yen stablecoin next year

2023-06-02 23:05:50

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ChainCatcher news, the IBC-supported cross-chain bridge TOKI tweeted that it has partnered with Japan's largest financial group Mitsubishi UFJ Financial Group (MUFG) and its stablecoin platform Progmat, as well as blockchain interoperability startup Datachain, to bring the yen stablecoin to public blockchains. As of June 1, the revised Payment Services Act has been implemented, which facilitates the issuance and circulation of stablecoins compliant with Japanese law.

According to the law, Progmat plans to issue the yen stablecoin on multiple blockchain networks such as Ethereum, Cosmos, and Avalanche in the second quarter of 2024, allowing users to conduct cross-chain swaps, cross-chain payments, cross-chain lending, and other cross-chain transactions. Before that, TOKI will launch the cross-chain bridge by the end of 2023. (source link)

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