2023-06-05 09:16:47
MUFG To Issue Bank-Backed Stablecoins On Multiple Blockchains Using Progmat Coin Solution
MUFG, the country’s largest bank, has announced the implementation of its Progmat Coin solution to issue native bank-backed stablecoins on various public blockchains. This move comes after new legislation permitting Japanese trust banks to issue stablecoins came into effect recently. The Progmat Coin solution, developed by MUFG, enables stablecoin issuance by multiple trust banks, expanding its scope beyond the bank itself.
MUFG aims to facilitate cross-chain swaps, payments, and lending across public blockchains, such as Ethereum, Avalanche, Cosmos, and Polygon. This interoperability can enable seamless settlements of transactions involving different blockchain-based assets, including NFT purchases settled with Progmat Coin on a different blockchain. Furthermore, the Progmat platform not only supports stablecoins but also security and utility tokens. As part of its evolution, MUFG is transforming Progmat into a joint venture with support from prominent financial institutions like JPX, Mizuho, SMBC, and SBI, in addition to backing from Japan’s main stock exchange operator.
Source
https://t.me/Blockchain_Explained
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