Binance and Mitsubishi UFJ Trust Bank Collaborate to Launch New Stablecoin in Japan

Binance, in collaboration with Mitsubishi UFJ Trust Bank, is set to launch a new stablecoin targeting both the Japanese market and the broader global cryptocurrency space. This upcoming digital currency will be developed on the Progmat Coin platform, a Mitsubishi-owned technology that complies with Japan’s strict regulations governing the issuance and management of stablecoins.

The three parties are conducting a joint study to facilitate the introduction of this stablecoin, which aims to be linked to the Japanese yen while also including foreign currencies like the US dollar. The goal is to create a digital currency that supports transactions in both yen and other stable currencies.

The rollout of this stablecoin is anticipated to enhance the diversity of financial services in Japan and boost market competitiveness. Should this innovation gain traction in Japan, it could align seamlessly with the Web3 initiatives promoted by the Japanese government.

This initiative arrives as Japan’s financial sector braces for a rise in stablecoin options tethered to legal currencies, including the yen and US dollar, after 2024. Mitsubishi UFJ Trust Bank is reportedly exploring the issuance of necessary certifications to support this project.

This collaboration represents a significant advancement for both the Japanese and global cryptocurrency markets as they continue to develop. The new stablecoin is expected to play an essential role in Binance’s ongoing partnership with the Japanese market.