- Mitsubishi UFJ Financial Group (MUFG) is preparing to launch a global stablecoin.
- The company is in talks with popular stablecoin issuers.
- MUFG aims to make Japan a center for stablecoin issuance.
The largest bank in Japan, Mitsubishi UFJ Financial Group (MUFG), is taking steps towards issuing a global stablecoin, according to a report by Bloomberg. Tatsuya Saito, an executive at the company, recently stated that discussions have begun with popular stablecoin issuers.
Mitsubishi UFJ Financial Group (MUFG) Plans Global Stablecoin Issuance
MUFG already has a blockchain platform called Progmat for stablecoin issuance. Saito mentioned ongoing discussions with overseas and domestic stablecoin issuers, suggesting that Japan will become a hub for stablecoin issuance:
Issuers and users can feel secure when using stablecoins. Our bank is in talks with entertainment companies, other non-financial businesses, and a group of Japanese financial institutions regarding stablecoin projects. At this point, we plan to produce stablecoins not only in the Japanese yen but also in the US dollar and other fiat currencies. We are receiving requests from overseas financial groups. We can make Japan the center of stablecoin issuance.
The bank’s announcement comes shortly after the statement by the Chairman of the US Federal Reserve (FED), Jeremy Powell, that “Stablecoins are money.” Additionally, Japan implemented its stablecoin law on June 1, paving the way for legal operations in this area.
