#MitsubishiUFJn a major Japanese bank, is collaborating with #Bitbank , one of Japan's prominent #cryptocurrency exchanges, to create a stablecoin-powered settlements platform for crypto firms. This initiative follows the Japanese government's approval of legislation enabling banks and traditional financial institutions to deal with stablecoins. The platform is expected to launch in 2024, issuing stablecoins pegged to the Japanese yen and the US dollar. Mitsubishi UFJ is working with partners, including Ginco and Progmat, its #stablecoin affiliate. The goal is to establish a stablecoin-powered international payment system to enhance efficiency and reduce fees for token exchanges with overseas businesses. The project aims to offer 24/7, 365-day settlement capabilities, unlike traditional bank transfer-based methods. Mitsubishi UFJ intends to involve other domestic and international crypto exchanges in the project, with Cumberland DRW and #Melcoin already on board.