Three Mega Banks to Jointly Issue Yen-Denominated Stablecoin, Mitsubishi Corporation to be First Adopter - Report

It has been revealed that Mitsubishi UFJ Bank, Mitsui Sumitomo Bank, and Mizuho Bank, Japan's three mega banks, will jointly issue a yen-denominated stablecoin, as reported by the Nikkei. The banks are developing a system that allows mutual interchangeability under the same standards, and aim to implement practical use within this fiscal year by utilizing the system of emerging fintech, Progma. Plans are also in place to issue a dollar-denominated stablecoin in the future. As the first initiative, Mitsubishi Corporation will adopt the stablecoin for internal fund settlements. Related: What is Progma? An in-depth explanation of the blockchain platform supporting digital securities and stablecoins. The momentum for yen-denominated stablecoins is increasing...