MUFG’s Progmat Coin platform was chosen by Japanese banks to launch Yen-pegged stablecoins on multiple public blockchains.
MUFG’s Progmat Coin will enable the issuance of bank-backed stablecoins on Ethereum, Polygon, Avalanche, and Cosmos, with plans to incorporate additional networks in the future.
MUFG, in collaboration with TOKI and Datachain, develops a cross-chain bridge to facilitate secure and efficient transactions, lending, and swaps across supported blockchains.
While specific banks remain undisclosed, MUFG affirms its plans to develop a Yen-pegged stablecoin and employ Progmat Coin, as stated during the platform’s previous unveiling, indicating the bank’s commitment to advancing digital asset solutions.
Shikoku Bank, Tokyo Kiraboshi, and Minna Bank intend to issue stablecoins using a separate platform created by G.U. Technologies, as reported by Nikkei Asia, diverging from the use of Program Coin for their stablecoin initiatives.
MUFG’s selection for Yen-pegged stablecoins demonstrates trust in Progmat Coin, while cross-chain development and diverse platform choices highlight the evolving landscape of digital assets in Japan.
