Mitsubishi UFJ Trust Bank, one of Japan's largest banks, has announced a strategic collaboration with Binance Japan and Progmat to explore the creation of a new stablecoin.
The new stablecoin anchored to the Japanese yen but also to other foreign fiat currencies such as the US dollar will most likely be issued and managed on the Progmat Coin infrastructure, which complies with Japanese regulations.
The goal is to improve efficiency in financial services, to make it more diversified and competitive.
Takeshi Chino, general manager of Binance Japan, highlighted the importance of stablecoins in the financial ecosystem, saying that they can play a crucial role in facilitating low-cost cross-border trade and facilitating the trading of other cryptocurrencies.
He also emphasized that stablecoins are critical to the successful adoption of Web 3.0.
On the other hand, Tatsuya Saito, vice president of product at MUTB, shared his confidence that this new collaborative stablecoin will represent a significant step forward for the advancement of Web 3.0.
After Nomura Holdings (I talked about it here https://www.publish0x.com/blogging-crypto/bitcoin-goes-mainstream-among-traditional-banks-xqqozxx), MUTB also enters the world of cryptocurrencies with a straight leg, anticipating Orix Bank (another Japanese bank that is evaluating the same type of project).
Despite the current price of Bitcoin, financial institutions and large companies investing in cryptocurrencies, but above all in Bitcoin, are continually increasing.
I hope to bring such good news even more frequently.
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