Crypto Exchange Binance Among Firms Considering New Stablecoins in Japan

Crypto exchange Binance is collaborating with Mitsubishi UFJ Trust and Banking Corporation, Japan’s largest bank, to investigate the issuance of stablecoins in the country.

On September 25, Binance Japan announced a joint initiative aimed at launching Japanese yen and other fiat-backed stablecoins to facilitate the adoption of Web3 technologies in Japan. The two entities intend to leverage MUFG’s stablecoin issuance platform, Progmat Coin.