Mitsubishi UFJ Financial Group partners with Bitfinex, expected to launch various foreign currency stablecoins by 2024

Japan's largest financial institution, Mitsubishi UFJ Trust and Banking Corporation (MUFG), will collaborate with Binance to explore the potential launch of a stablecoin using MUFG's compliant stablecoin issuance platform, "Progmat Coin."

MUFG and Binance to Collaborate on Issuing Stablecoin

According to the Japanese media outlet CoinPost, Mitsubishi UFJ Financial Group (MUFG) will collaborate with Binance Japan and Progmat to explore the potential issuance of a new stablecoin.

MUFG stated that they will utilize their compliant stablecoin issuance and management platform, "Progmat Coin," to develop the new stablecoin. This stablecoin project will serve as a core collaboration between Binance ecosystem and the Japanese market, and they will jointly research and regularly update on the progress.

In fact, MUFG's "Progmat Coin" infrastructure project was announced in February 2022, and this infrastructure is expected to issue stablecoins on public blockchains such as Ethereum and other blockchains.

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MUFG: Japanese Stablecoin Market Size Exceeds $30 Billion

In an interview with Bloomberg, MUFG pointed out that it was Binance that first sought collaboration, and they are expected to launch stablecoins pegged to the Japanese Yen, US Dollar, Euro, and others by 2024.

It is reported that MUFG continues to explore the possibility of minting stablecoins through the blockchain platform Progmat.

Tatsuya Saito, Deputy General Manager at MUFG, believes that the Japanese stablecoin market has the potential to grow to ¥5 trillion, approximately $34 billion, which is about a quarter of the global market. For comparison, USDC has a market value of $25.6 billion, while USDT stands at $86.4 billion.