Binance and a few other significant crypto firms are looking for possible ways to launch their respective stablecoins in Japan. Mitsubishi UFJ Trust and Banking Corporation (MUTB) and Binance are aimed at the issuance of digital assets pegged to Yen and foreign dominating fiat currencies. Both Binance (the largest cryptocurrency exchange) and MUTB (the giant banking system) are collaborating to carry to fulfil the proposed agenda.
Stablecoins in Japan backed by Yen and Other Fiat Currencies
On the 25th of September, Binance Japan disclosed the intention to launch stablecoins pegged to Yen and other global dominating fiat currencies. Binance Japan urged the regulator to accelerate the Web3 space and issuing stablecoins would boost the web3 adoption process in Japan. While addressing the matter, Binance also shared the strategy for the proposal.
The ‘Progmat Coin’ platform will be utilized for pair-plan for the new project of stablecoin in Japan. Progmat Coin would be regulated by the issuance and management systems of Japanese compliance. Japanese banks will be responsible for the development and regulation of ‘Progmat Coin’ according to the revised and updated Payment Service Act of Japan. The legislation was introduced in July which enabled the crypto provider and banks to issue stablecoins.
Binance Collaborates With Progmat to Launch Stablecoin
Binance will utilize the service of Progmat for launching stablecoin. Progmat primarily supports Ethereum for the stablecoin issuance but it is more likely that Progmat start supporting BNB Smart Chain as integrating with Binance.
Takeshi Chino, the general manager of Binance in Japan spoke about the importance of stablecoin in the financial ecosystem. He was of the view that stablecoins are vital for the broader financial systems at a global level. Moreover, these are low-cost payment solutions which can be utilized across borders for trades and payments.
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