Binance Japan and Mitsubishi UFJ bank want to help with the country's Web3 ambitions by issuing stablecoins.
financial giant Mitsubishi UFJ Trust and Banking Corporation on developing stablecoins.
MUTB and Binance Japan are running a joint study on issuing stablecoins pegged to sovereign currencies like the yen that comply with local laws – but the stated goal is driving Web3 adoption in the country. “Through this joint study, both companies aim to issue new stablecoins to help accelerate the mass adoption of Web3 in Japan,” a press release said, adding that the companies hope to start relevant operations by the end of next year.
The study does not translate to a promise to issue stablecoins, and Binance Japan still has to secure “applicable regulatory approvals” before issuing anything. However, Japan’s Web3 ambitions and new stablecoin rules may actually set the necessary conditions for incubating such a project. Involvement of a TradFi giant like MUTB’s also adds some legitimacy to the initiative as it leads a consortium of banks and trust banks that plans to issue stablecoins on private and public blockchains through a compliant platform called Progmat Coin, which Binance Japan also intends to use.
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