[NEWS] Datachain secures funding from Mitsubishi UFJ Trust and Banking Corporation, aiming to issue stablecoin in 2024

Datachain, which is involved in planning and development related to blockchain, announced on the 27th that it has raised funds from Mitsubishi UFJ Trust and Banking Corporation.

With this funding, Datachain will further strengthen its collaboration with Mitsubishi UFJ Trust and Banking Corporation to commercialize various initiatives using stable coins, security tokens (digital securities), and cross-chain technology, which have been discussed and verified so far.

The press release cites a joint report by BCG and ADDX on the size of the digital asset market, pointing out that even if limited to the financial market, it is predicted to reach $16.1 trillion (approximately 2,315 trillion yen) in 2030, and $68 trillion (approximately 9,777 trillion yen) in the best case.

In addition, Datachain states that the stable coin and cryptocurrency markets are also expected to grow, and the overall market size of digital assets is expected to continue to expand.

Based on this, Datachain will work with various partner companies, including Mitsubishi UFJ Trust and Banking Corporation, to build infrastructure that will serve as a passageway for digital assets scattered across different blockchains in the ever-expanding digital asset market.

Datachain has strengths in cross-chain technology, which is essential in a world where stable coins and security tokens are issued and circulated on various blockchains.

Datachain has conducted proof-of-concept experiments and joint research with various companies both in Japan and overseas, and has been working with Mitsubishi UFJ Trust and Banking Corporation on stable coins that are expected to be issued and circulated through the company's stable coin issuer management platform "Progmat Coin."

For example, in September last year, the two companies formed a technical partnership to commercialize cross-chain settlement of digital securities using stable coins, and in June this year, they formed a technical partnership to realize stable coin transactions between public blockchains.

In the future, Datachain aims to issue and distribute stable coins through a three-company partnership with Mitsubishi UFJ Trust and Banking Corporation and TOKI, which provides cross-chain bridges for the global market.

This stable coin will be issued on a public chain such as Ethereum, and is expected to be distributed around April to June next year.

In addition, the company will deepen cooperation with related securities companies regarding the cross-chain digital securities initiative using stable coins, which it is also promoting with Mitsubishi UFJ Trust and Banking Corporation, with the goal of realizing this initiative within 2024.

Datachain plans to accelerate its business expansion by considering fundraising from companies with which it has business synergies, starting with this round of funding.

Regarding this investment, Mitsubishi UFJ Trust and Banking Corporation Director and Managing Executive Officer Kimura Tomohiro said, "When considering the future of digital assets, multi-chain deployment and cross-chain transactions are essential. We will invest in Datachain and work hard to bring about major change in the digital asset market."

Reference: Announcement
Image: Quoted from Datachain announcement