TOKI, a cross-chain bridge provider and partner of Progmat, will be working with Noble, a token issuance protocol, to bring fully collateralized Japanese stablecoins to the Cosmos ecosystem.
Progmat is a project launched by Mitsubishi UFJ Trust and Banking (MUFG) — the largest bank in Japan, and has the support of over 200 Japanese companies including major banks such as SMBC and Mizuho. The Japan Exchange Group (JPX) is also involved in the project.
Progmat is currently building a platform that will enable banks and regulated financial institutions to issue their own stablecoins.
The basic architecture involves financial institutions interested in issuing stablecoins depositing an equivalent amount of fiat currency with MUFG’s trust bank. Progmat then issues an equivalent amount of stablecoins. The funds in the trust bank are bankruptcy-remote, making this potentially the most secure stablecoin for use on public blockchains。
Related：Circle Consider Issuing Stablecoin in Japan as the New Stablecoin Law Took Effect Last Month
Circle to Launch Cosmos-native $USDC on Asset Issuance Chain Noble
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