Mitsubishi UFJ Bank of Japan to achieve stablecoin trading and cross-chain plan by 2024: Progmat Coin × Datachain × TOKI

Mitsubishi UFJ Trust and Banking Corporation, Datachain Corporation, and TOKI FZCO have reached a technical cooperation agreement to focus on stablecoin transactions across public blockchains and establish cross-chain infrastructure.

Progmat Coin: Mitsubishi UFJ's Stablecoin Cross-chain Infrastructure

The infrastructure for "Progmat Coin" developed by Mitsubishi UFJ Trust Bank is set to be issued and circulated after the implementation of the revised Fund Settlement Act in 2023. This project was announced in February 2022, and the infrastructure is expected to issue stablecoins on public chains such as Ethereum and other blockchains.

TOKI is dedicated to developing "cross-chain bridge" technology to facilitate cross-chain transactions between public blockchains. This technology utilizes IBC Inter-blockchain communication and LCP Light Client Proxy developed by Datachain for secure and scalable inter-blockchain communication, along with an efficient liquidity mechanism. Note: IBC standards are set by the Interchain Foundation and Cosmos to ensure interoperability between blockchains.

Datachain, a UFJ partner, was founded in March 2018, and most of its products focus on IBC cross-blockchain communication, although these are mostly private chain cases. TOKI was established as an overseas company in March 2023.

The three companies will collaborate, with Mitsubishi UFJ Trust Bank driving "Progmat Coin," Datachain providing extensive cross-chain technical experience and knowledge, and TOKI planning to offer cross-chain bridges globally. Through this collaboration to build infrastructure, cross-chain stablecoin transactions, including cross-chain exchanges, payments, and loans, will be realized.

The initiative is set to be achieved in the second quarter of 2024, with the three companies working together to advance the progress of the project.