The Japanese banking giant Mitsubishi UFJ is set to revolutionize the crypto industry by partnering with Bitbank, one of Japan’s leading crypto exchanges, to create a stablecoin offering. This collaboration aims to develop a stablecoin-powered settlements platform that will benefit crypto firms in the country.
Following the recent approval of legislation allowing banks and regulated financial institutions to operate stablecoins, Mitsubishi UFJ (MUFJ) has been eager to launch stablecoin services. Its trust and banking arm will work alongside domestic crypto and Web3 firms to create an international payment system based on stablecoin technology.
The platform, scheduled for release in 2024, will issue stablecoins pegged to the Japanese yen and the United States dollar. MUFJ has enlisted the expertise of the Web3 provider Ginco and its stablecoin affiliate, Progmat, to assist with the construction of this innovative platform.
By partnering with domestic and international crypto exchanges—such as Cumberland DRW and Melcoin—MUFJ aims to improve efficiency and reduce fees for users when exchanging tokens with overseas businesses. The platform will replace conventional fiat-powered bank transfers with stablecoins, offering round-the-clock availability compared to restricted operating hours of traditional banks.
