Major Collaboration Announced Between Binance and Japan’s Largest Financial Institution

Mitsubishi UFJ Trust and Banking (MUTB), a subsidiary of Mitsubishi UFJ Financial Group, Japan's largest financial institution, has teamed up with Binance Japan and Progmat to evaluate the launch of new stablecoins, including the Japanese Yen and the US dollar. announced its cooperation.

This development comes after Japan recently introduced regulations for stablecoins.

The collaboration aims to use the “Progmat Coin” platform, a stablecoin issuance and management platform compliant with Japanese law, to create a new stablecoin that will form the core of Binance's global ecosystem and cooperation with the Japanese market.

The goal has been reported to be to launch a new stablecoin not only in yen (JPY) but also in foreign currencies such as the US dollar (USD).

Stablecoins designed to be linked to fiat currencies such as the yen and the US dollar are expected to be issued one after the other in Japan after 2024, according to an analysis by Nihon Keizai Shimbun.

The introduction of stablecoins into the Japanese market will promote the diversification and efficiency of financial services and potentially increase the competitiveness of the overall market.

*This is not investment advice.