Today a four way Japanese collaboration was unveiled for digital currency interoperability between MUFG, the MUFG-founded Progmat Coin platform, Soramitsu and Datachain. Together they plan to conduct a Proof of Concept for the interoperability of bank-issued stablecoins and regional digital currencies running on different blockchains.
With Japan’s stablecoin regulations coming into force this year, the aim is to garner payment efficiencies and lower fees for interbank payments, as well as consumer and personal transfers. Another potential benefit is conducting 24/7 transactions rather than being limited by bank opening hours.
A year ago, MUFG unveiled Progmat Coin, a platform that aims to support native bank-issued stablecoins from multiple issuers. It wants these to be used as settlement assets for security tokens, to pay for NFTs and crypto asset transactions, so interoperability needed. Hence it partnered with interoperability firm Datachain last September. Progmat runs on R3’s Corda enterprise blockchain.
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.
