Japanese Banks Select MUFG's Progmat Coin for Bank-Backed Stablecoins

Japanese Banks Select MUFG’s Progmat Coin for Bank-Backed Stablecoins

Several Japanese banks have chosen MUFG’s Progmat Coin platform to create Yen-pegged stablecoins using multiple public blockchains, including Ethereum, Polygon, Avalanche, and Cosmos. The plan is to incorporate additional networks in the future.

MUFG(Progmat) and @tokifinance have teamed up to build a cross-chain infrastructure using Japanese stablecoins!

We’re incredibly proud to be a core development partner of TOKI and contribute to build the cross-chain bridge.https://t.co/Y8i8ML5MlH

— Datachain (@datachain_en) June 2, 2023

In partnership with TOKI and Datachain, MUFG is developing a cross-chain bridge that will enable secure and efficient transactions, lending, and swaps across supported blockchains. Though the specific banks have not been disclosed, MUFG intends to employ Progmat Coin for its Yen-pegged stablecoin initiative, demonstrating their commitment to advancing digital asset solutions.

Other banks, such as Shikoku Bank, Tokyo Kiraboshi, and Minna Bank, have chosen to use a separate platform developed by G.U. Technologies for their stablecoin initiatives, according to a report by Nikkei Asia.

The selection of Progmat Coin for Yen-pegged stablecoins highlights how the platform is trusted, while the cross-chain development and diverse platform choices reflect the evolving landscape of digital assets in Japan.

Compiled by Coinbold