Binance Japan announced a partnership with Japan's largest banking group, Mitsubishi UFJ Trust and Banking Corporation (MUTB), on the issuance of new stablecoins pegged to fiat currencies, including the Japanese Yen and other foreign currencies, aiming to help accelerate the mass adoption of Web3 in Japan.
The two companies will utilize Progmat Coin, a stablecoin issuance and management platform led by MUTB and compliant with Japanese law, to issue stablecoins. Binance Japan will be the issuance applicant, while MUTB will be the issuer. Both companies intend on commencing stablecoin operations by the end of 2024 upon completion and approval of applicable regulatory approvals by Binance Japan.
The new stablecoins will be launched on Ethereum with potential expansion to multiple chains, such as BNB Chain.
Related: Binance Launches Dedicated Platform for Residents in Japan
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