Earlier this year MUFG announced its Progmat Coin platform could be used to issue stablecoins by multiple banks, including on public blockchains. Today it revealed plans for a National stablecoin study group with numerous other institutions. MUFG advised that pseudonymous public blockchain transactions are possible for some types of stablecoins. In other words, know your customer is not a requirement. And for stablecoins issued via a trust bank, the issuer does not need a license.
Additionally, MUFG confirmed previously announced plans to incorporate Progmat Inc. on October 2, with MUFG retaining 49%. Japan’s second and third largest banks, SMBC (7.5%) and Mizuho (7.5%) are shareholders, as well as Sumitomo Mitsui Trust Bank (7.5%). Other owners include Tokyo Stock Exchange operator JPX (5%), SBI PTS Holdings (5%), NTT Data (13.5%) and Datachain (5%).
“Like the success of the Internet, which was achieved by using the same protocol (standard) across all boundaries, we hope that this one-of-a-kind partnership will lead to the creation of a national infrastructure to make the world of digital assets more convenient,” said Iwao Nagashima, President and CEO Mitsubishi UFJ Trust and Banking Corporation.
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