MUFG to launch stablecoin pegged to the yen in 2023

MUFG, Japan’s largest financial conglomerate, via its trust bank Mitsubishi UFJ Trust and Banking, announced plans to launch a stablecoin pegged to the Japanese yen in 2023. The report cites Nikkei.

The stablecoin named Progmacoin will find application in clearing and settlement on the platform for digital securities launched this year by SBI Holdings and Sumitomo Mitsui.

The Osaka-based exchange will simplify investments in such non-traditional assets as real estate, as well as rights to distribute artwork and films.

Progmacoin will speed up and reduce the cost of settlement of trades and broaden the market for tokenised securities.

MUFG had been weighing such plans as far back as 2020.

In December 2021, ForkLog reported plans by Japan’s Financial Services Agency to set limits and restrict the list of stablecoin issuers by banks and remittance services. The latter have been allowed to issue “stablecoins” since 2023.

In November 2021, Circle announced the launch of a yen-pegged stablecoin.

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