Mitsubishi UFJ Financial Group (MUFG) has announced that it will facilitate the issuance of Japanese bank-backed stablecoins through its Progmat Coin platform. The platform is designed to provide a secure and compliant way for banks to issue and manage stablecoins.

MUFG has not disclosed which companies will be the first to use its platform, but it has been reported that a group of banks have opted for a standalone stablecoin solution. This is in contrast to other banks, such as Mizuho Financial Group, which have chosen to use a consortia-based approach.

The launch of the Progmat Coin platform is a significant breakthrough for the Japanese crypto industry. It is the first time that a major Japanese bank has offered a platform for the issuance of stablecoins. This could pave the way for other banks to enter the stablecoin market and could help boost cryptocurrency adoption in Japan.

Here are some of the benefits of using MUFG's Progmat Coin platform:

Security: The platform is designed to be secure and to comply with all relevant regulations.

Compliance: The platform is designed to meet all the requirements of the Japan Financial Services Agency (FSA).

Scalability: The platform is designed to be scalable and can handle large volumes of transactions.

Efficiency: The platform is designed to be efficient and can help banks save time and money.

Overall, the launch of the Progmat Coin platform is a positive development for the Japanese crypto industry. It could help drive cryptocurrency adoption in Japan and could make it easier for banks to issue and manage stablecoins.

#stablecoin #stable #stablecoins. #Bank

Tether (USDT) reached a peak market capitalization of $83.2 billion on May 12, 2022. This was an all-time high for the stablecoin, which is pegged to the US dollar. Tether's market capitalization surge came amid a broader cryptocurrency rally, as investors sought safe-haven assets during a period of market volatility.

There are a number of factors that may have contributed to the rise in Tether's market cap. One possibility is that investors were looking for a fiat-backed stablecoin, as opposed to other cryptocurrency-backed stablecoins. Another possibility is that investors were simply looking for a way to store their gains from the cryptocurrency rally.

Whatever the reason, Tether's rising market cap is a sign of the growing popularity of stablecoins. Investors are increasingly using stablecoins as a way to store value and hedge against market volatility. As the cryptocurrency market continues to grow, stablecoins are likely to continue to play an important role.

Here are some of the reasons why Tether managed to reach a peak market capitalization of $83.2 billion:

Tether is the most popular stablecoin. It is the most widely used stablecoin, with a market capitalization of over $80 billion. This makes it a safe and reliable option for investors who want to store their value in a stable asset.

Tether is backed by fiat currency. Tether is backed by US dollars, making it a more reliable option than other crypto-backed stablecoins. This gives investors the confidence that their investment is safe and secure.

Tether is easy to use. Tether is easy to use and can be traded on a variety of exchanges. This makes it a convenient option for investors who want to buy and sell cryptocurrency.

Overall, Tether is a popular, reliable, and easy-to-use stablecoin. These factors have contributed to its increase in market capitalization and are likely to continue to support its growth going forward.

#tether #stablecoin #stable

Bitcoin halving is a crucial event that has several benefits for the Bitcoin network and its users. Here are some of the key advantages of Bitcoin halving:

Increased Scarcity:

The halving event reduces the rate of new Bitcoin supply, making the cryptocurrency more scarce. This increased scarcity can lead to higher demand and potentially higher prices, which can benefit Bitcoin holders.

Increased Security:

By reducing the block reward, Bitcoin halving reduces the incentive for miners to continue mining, making it harder for malicious actors to take control of the network. This increased security helps to maintain the integrity of the Bitcoin network, which is essential for its long-term viability.

Stable Inflation Rate:

Bitcoin #halving ensures that the rate of Bitcoin inflation remains #stable and predictable, which is vital for the long-term sustainability of the cryptocurrency. It helps to prevent sudden drops in the value of Bitcoin due to sudden increases in supply, which can destabilize the network.

Long-term Sustainability:

#bitcoin halving plays a crucial role in ensuring the long-term sustainability of the Bitcoin network. By reducing the block reward, it helps to prevent sudden inflation, which can lead to price volatility and destabilize the network.

#BTC #crypto2023

#crypto2023 Recent analysis reveals a significant downturn in the token burn rate of Shiba Inu.

Shibburn data highlights the burning of 71.4 million SHIB in the past 24 hours.

The recent red market for Shiba Inu resulted in a decline in its price and a lack of momentum in the burn rate.

Recent analysis of the #shibaInu network has revealed a significant downturn in the rate of token burning, even during a relatively calm weekend trading period. The burn rate of SHIB has witnessed a considerable drop, dropping by over -79.%. Token burning involves deliberately removing tokens from circulation, thereby reducing the total supply.

In the context of #Shiba Inu, the drop in the burn rate during the weekend is evident in comparison to the past few weeks. With a reduced supply, each remaining token may experience a potential increase in value, provided that demand remains #stable or grows.

Shibburn data shows that in the past 24 hours, 71.4 million SHIB were burned. Additionally, 240.6 million SHIB were sent to dead wallets in the last seven days.

HOURLY SHIB UPDATE$SHIB Price: $0.00000746 (1hr -0.46% ▼ | 24hr -3.51% ▼ ) Market Cap: $4,398,132,423 (-3.37% ▼) Total Supply: 589,349,529,147,275 TOKENS BURNT Past 24Hrs: 71,410,947 (1.19% ▲) Past 7 Days: 240,673,041 (-79.44% ▼)

— Shibburn (@shibburn) July 5, 2023

Shiba Inu price in the red amidst slumping burn rate

Shiba Inu has encountered market challenges recently, particularly after the recent 800 billion SHIB dump on Binance. Nevertheless, the coin has failed to maintain a stable price around the typical level of $0.0000075.

According to CoinMarketCap data, SHIB is down by over 3.5% in the last 24 hours. The burn rate has also failed to keep up the momentum of past milestones where billions of SHIB were burned in a day.#dyor

This week, some alts have already begun to recover and start to grow. But most of the market continues to stagnate. Previously, we have already considered several key points hinting at the imminent start of the alt season. Today we will pay attention to the dominance of stablecoins.

🥉1. USDC.D - After the FUD associated with the company issuing this stablecoin, USDC dominance continues to decline. Domination finally failed under the growing trend and most likely this trend will continue.

🥈2. DAI.D - This algorithmic stablecoin has long been targeted by various FUDs. And the situation with USDC forced this stablecoin to get rid of USDC collateral. Now the dominance has fallen under the uptrend and if we gain a foothold below, then the DAI dominance will continue to decline.

🥇3. USDT.D - Now the USDT stablecoin has remained the main monopolist in the market. Unlike its competitors, this stablecoin does not lose its dominance and continues to be in an uptrend. Considering how much the dominance of other stablecoins has dipped, the USDT stablecoin has been holding +- the same dominance value for many months.

📝 Outcome We have identified an interesting trend. While the dominance of all stablecoins is falling, the dominance of USDT is stagnant. This means that liquidity from other stablecoins doesn't mostly flow into USDT, but rather flows straight into Bitcoin. And already from Bitcoin, liquidity will flow into alts, which is already evident from a number of alts that have gone up.

🤖 We have made a trading robot that trades on the USDT/USDC pair and earns profit for the participants. Information can be found on our channel.

#usdt #usdc #dai #stable