{"id":162983,"date":"2023-09-26T14:19:20","date_gmt":"2023-09-26T08:49:20","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=162983"},"modified":"2023-09-26T14:19:20","modified_gmt":"2023-09-26T08:49:20","slug":"binance-japan-partners-with-mufj-on-stablecoin-development-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/binance-japan-partners-with-mufj-on-stablecoin-development-crypto-news\/","title":{"rendered":"Binance Japan partners with MUFJ on stablecoin development &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Mitsubishi UFJ Trust and Banking Corporation, the largest banking group in Japan, and Binance Japan \u2014 the Japanese arm of the world\u2019s largest cryptocurrency exchange \u2014 are collaborating on the issuance of fiat-pegged stablecoins, the two companies announced via a joint press release Tuesday.<\/p>\n<p><strong><em>See related article:<\/em><\/strong> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/mufg-japanese-regulations-stablecoin-bank\/\">MUFG enables bank-backed stablecoin issuance amid new Japanese regulations<\/a><\/p>\n<h2 class=\"wp-block-heading\">Fast facts<\/h2>\n<ul>\n<li>The partnership will use \u201cProgmat Coin,\u201d which is a platform led by Mitsubishi\u2019s trust bank for stablecoin issuance and management. The platform, initially announced in February 2022, aims to support the issuance of Japanese Yen-pegged stablecoins on public blockchains.\u00a0\u00a0<\/li>\n<li>Japanese <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/japans-fsa-lift-ban-foreign-stablecoin-june\/\">regulators<\/a> updated the nation\u2019s stablecoin rules in June.\u00a0<\/li>\n<li>Progmat, Mitsubishi\u2019s subsidiary behind the stablecoin platform, is backed by an alliance of major local banks including Mizuho Bank, SMBC and SBI Holdings.\u00a0<\/li>\n<li>With the study, both companies plan to launch new stablecoins pegged to the Japanese yen and other currencies.\u00a0<\/li>\n<li>\u201cWe believe that the new stablecoin from this collaboration will be a step forward in advancing the Web 3.0,\u201d said Mitsubishi UFJ vice president of product and founder of Progmat Tatsuya Saito, in the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/prtimes.jp\/main\/html\/rd\/p\/000000103.000036656.html\">press release<\/a>. \u201cThe impact of having the most secure stablecoin functioning within this ecosystem is immeasurable.\u201d<\/li>\n<li>Takeshi Chino, general manager of Binance Japan, said the partnership will play a \u201ckey role\u201d in connecting Japan\u2019s real economy, blockchain space and the global Binance ecosystem in the future.\u00a0<\/li>\n<li>\u201cStablecoins have important use cases in the broader financial ecosystem \u2013 from a lower-cost and instantaneous cross border trade settlement for business clients, to an on and off ramp to buy and sell other cryptocurrencies seamlessly for retail investors,\u201d Chino explained.<\/li>\n<li>The joint press release stated that both companies plan on starting stablecoin operations by the end of 2024.\u00a0<\/li>\n<li>Binance launched its Japan subsidiary on Aug. 1, 2023, marking its re-entry into the country two years after receiving a warning from the local financial regulator for failing to comply with registration requirements. Binance acquired local regulated platform <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/headlines\/binance-re-enters-japan-with-acquisition-of-regulated-sakura-exchange\/\">Sakura Exchange<\/a> BitCoin in November last year, which has been rebranded to Binance Japan.<\/li>\n<li>With its launch, Binance Japan offered 34 tokens, which made it the largest exchange in Japan by token offerings. Those include Binance\u2019s native token BNB, which was traded for the first time in Japan.<\/li>\n<li>Prime Minister Fumio Kishida, in power since late\u00a0 2021, supports digital finance and Web3 adoption in Japan to reinvigorate the economy in what he has called \u201cnew capitalism.\u201d Web3 refers to the latest wave of technology innovations utilizing blockchain technology, which includes cryptocurrencies, NFTs and the metaverse.<\/li>\n<\/ul>\n<p><strong><em>See related article:<\/em><\/strong> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/binance-japan-launches-34-tokens-bnb-debuts-country\/\">Binance Japan launches with 34 tokens, BNB debuts in the country<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mitsubishi UFJ Trust and Banking Corporation, the largest banking group in Japan, and Binance Japan \u2014 the Japanese arm of the world\u2019s largest cryptocurrency exchange \u2014 are collaborating on the issuance of fiat-pegged stablecoins, the two companies announced via a joint press release Tuesday. See related article: MUFG enables bank-backed stablecoin issuance amid new Japanese [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":162984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-162983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/162983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=162983"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/162983\/revisions"}],"predecessor-version":[{"id":162985,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/162983\/revisions\/162985"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/162984"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=162983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=162983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=162983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}