Progmat Coin, in partnership with Mitsubishi UFJ Financial Group (MUFG) and wallet provider Ginco, is conducting a study to issue two stablecoins - a yen-denominated XJPY stablecoin and a dollar-denominated XUSD stablecoin - with the aim of improving settlement efficiencies among players in the crypto asset market. The stablecoins will be launched in the summer of 2024 and will be used for settlements between crypto asset exchanges, with XUSD intended for cross-border settlements. Progmat Coin is also working with liquidity provider Cumberland and crypto exchanges Bitbank and Mercoin, and other crypto asset-related businesses are invited to join. The platform was introduced by MUFG in February 2022 and is regulated under the revised Payment Services Act.
Progmat and MUFG plan to launch stablecoins in Japan in 2024
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