Japan’s largest bank, MUFG, has been working for years to develop a security token platform, Progmat. It recently expanded its digital asset solution beyond securities to support utility tokens, stablecoins and a wallet infrastructure. The bank concluded that rather than developing the solution itself, it needs to be co-created by the industry and housed in a neutral venture.
Hence it is discussing creating a joint venture with SMBC, Mizuho, Sumitomo Mitsui Trust, SBI PTS (owner of Osaka Digital Exchange ODX), JPX (owner of the Tokyo Stock Exchange), and NTT Data.
In 2019 MUFG created the Security Token Research Consortium, which earlier this year was renamed to the Digital Asset Co-creation Consortium (DCC). As a sign of the growing interest in digital securities in Japan, the DCC has grown from 80 members in February to 163 companies today. The Consortium’s work is focused around using Progmat.
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