ChainCatcher news, Japan's largest financial institution, Mitsubishi UFJ Financial Group (MUFG), is in talks with stablecoin issuers and other companies to issue stablecoins through its blockchain platform. MUFG's Vice President of Products, Tatsuya Saito, stated in an interview that the institution is discussing the use of its blockchain platform Progmat to issue stablecoins pegged to foreign currencies (including the US dollar) for global use.It is reported that Japan's stablecoin law is one of the earliest stablecoin laws among major economies, which came into effect on June 1, meaning that only licensed banks, registered remittance agents, and trust companies in the country can issue tokens. (source link)

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)

ChainCatcher news, Japan's largest bank, Mitsubishi UFJ Financial Group (MUFG), has completed a cross-blockchain trial using stablecoins to settle digital securities.The trial delivered a delivery versus payment (DvP) transaction using stablecoins issued on a program coin infrastructure based on the R3 Corda enterprise blockchain, with securities paid on a GoQuorum-permissioned blockchain. DataChain is an interoperability technology provider that utilized the Cosmos interoperability protocol IBC along with additional modules from DataChain's open-source project. (source link)

ChainCatcher news, Indian fintech lending platform KreditBee has completed a $200 million Series D funding round, with $100 million coming from private equity giant Advent International, and the remaining funds contributed by Japan's MUFG and existing investors like Premji Invest. The new funds will be used to scale existing operations and diversify products by venturing into digital financial products.KreditBee was launched in May 2018, focusing on providing full-stack digital loans to young professionals. In March 2022, Japan's MUFG collaborated with Animoca Brands to consider supporting businesses such as NFT issuance and electronic marketplace operations. (Source link)