Yesterday MUFG and Progmat announced a collaboration with the existing stablecoin JPYC. Progmat is the tokenization platform founded by Japan’s MUFG and backed by several other institutions. The Progmat-MUFG-JPYC deal is twofold. JPYC will explore an additional stablecoin format and issuing via the Progmat Coin platform. JPYC has applied for a license allowing the exchange of Progmat-issued stablecoins with other offshore stablecoins.
When we think of stablecoins we consider Tether and USDC, which each have tens of billions of market capitalization. However, the largest euro stablecoin issuance is $135 million and the biggest Singapore dollar stablecoin is $25 million. JPYC’s market capitalization is 2.3 billion yen or $15.6 million.
JPYC launched in 2021, long before Japan’s new stablecoin laws came into force in June this year. Hence, JPYC is currently a prepaid payment method, similar to a prepaid card. In fact, it offers JPYC cards that can be used in stores without any conversion necessary.
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