Today Nikkei Asia reported that MUFG is planning to use a stablecoin digital currency to enable instant settlement of security tokens. MUFG Trust has developed a blockchain-based security token platform Progmat, which has attracted many of Japan’s biggest securities firms.
Update: a more detailed article about the Progmat Coin has been published. It’s designed to be issues by multiple organizations.
The security token platform partners include Daiwa Securities, Tokai Tokyo Securities, Mitsubishi UFJ Morgan Stanley Securities and its joint venture partner Morgan Stanley MUFG Securities, au Cubcom Securities, SBI Securities, SMBC Nikko Securities and two unspecified members.
One recent application announced on Progmat was for real estate asset-backed securities underwritten by Nomura and SBI securities.
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.