Japan’s largest bank, MUFG, wants its Progmat Coin stablecoin platform to be usable by other banks and on multiple DLT networks. So it has partnered with Japanese blockchain interoperability startup Datachain.
MUFG initially developed Progmat as an enterprise blockchain network for tokenized securities, including bonds, equities and other digital assets. But it additionally unveiled Progmat Coin as a platform to create stablecoins backed by segregated funds held in a Trust, with the aim of other institutions also creating interchangeable stablecoins.
The bank recognizes that Progmat is not the only game in town, so it wants organizations to use Progmat Coin to settle security token transactions on Progmat and other blockchain networks.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
