Mitsubishi UFJ Financial Group explores issuing stablecoins on its blockchain platform

ChainCatcher news, Japan's largest financial institution, Mitsubishi UFJ Financial Group (MUFG), is in talks with stablecoin issuers and other companies to issue stablecoins through its blockchain platform. MUFG's Vice President of Products, Tatsuya Saito, stated in an interview that the institution is discussing the use of its blockchain platform Progmat to issue stablecoins pegged to foreign currencies (including the US dollar) for global use.

It is reported that Japan's stablecoin law is one of the earliest stablecoin laws among major economies, which came into effect on June 1, meaning that only licensed banks, registered remittance agents, and trust companies in the country can issue tokens. (source link)