Today Japan’s largest bank MUFG announced that its Progmat Coin solution would be used to issue native bank-backed stablecoins on multiple public blockchains, including Ethereum, Avalanche, Cosmos and Polygon. The work is at an early stage, so the timeframe for the launch was not confirmed.
Progmat Coin is designed to support stablecoin issuance from various trust banks, not just MUFG. Yesterday new enabling legislation came into force, allowing Japanese trust banks to issue stablecoins.
We previously reported that MUFG was working with blockchain interoperability startup DataChain. It is also collaborating with TOKI, a cross chain bridge solution for public blockchains based on DataChain’s technology. The aim is to support public blockchain cross chain swaps, cross chain payments and cross chain lending. For example, the purchase of an NFT could be settled with a Progmat Coin on a different blockchain.
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