MUFG will Issue global stablecoins on the Progmat blockchain

MUFG is the largest bank in Japan. She announced negotiations to issue global stablecoins. The legislation on them began to work from the beginning of June.

What is known about the negotiations

Note that the bank has its own Progmat blockchain. The other day it became known that the institution is negotiating with several organizations at once. These include issuers of common stable coins. The negotiations concern the release of stablecoins on the Progmat banking organization's own blockchain.

The law regulating stable coins has been in effect since the first of June. It gives permission to issue stablecoins exclusively to licensed banks, trust companies and registered agents. MUFG itself wants to issue stable coins that will be tied to foreign fiat., for example, the US dollar. The financial institution also provides services to third parties with regard to security coins.

Tatsuya Saito, the vice president in charge of the bank's products, said that proposals for stable coin projects from foreign financial companies are constantly being received. Their country can take the lead in issuing stable coins.

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