Japanese Banking Giant MUFG to Deploy Stablecoins on Public Blockchains

Mitsubishi UFJ Financial Group (MUFG), the largest bank in Japan, announced its plans to deploy and distribute bank-backed stablecoins on different public blockchains. The Japanese bank has partnered with Datachain, a blockchain interoperability company, and Toki, a cross-chain bridge, to allow the interoperation of these licensed stablecoins along several blockchains using its Progmat Coin protocol.

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MUFG to facilitate Japanese bank-backed stablecoins via Progmat Coin platform

MUFG hasn’t revealed what firms will be the first to utilize its platform, however a handful of banks have reportedly already opted for a separate stablecoin solution.

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