Binance And Mitsubishi Team Up For Major Project

September 26, 2023 10:15 am Comments

Binance and Mitsubishi have teamed up on a new, major blockchain project.

According to sources, the two entities are collaborating on stablecoin development that will mint both U.S. dollar and Yen-backed stablecoins.

This move comes after Japanese officials appeared to embrace blockchain and Web 3.0 technologies.

Coinvestors reports: “What set the stage for this monumental collaboration was Binance’s reentry into the Japanese market in August 2023, after clearing regulatory challenges. This initiative centers around the utilization of the Progmat Coin platform.

Initially introduced in 2022, the platform’s purpose is to facilitate the creation and management of stablecoins linked to the Japanese yen (JPY).”

Crypto influencer and tech consultant Kashif Raza commented: “Mitsubishi UFJ Trust Bank will collaborate with Binance to issue new stablecoin in line with new regulations. Japan is going big in launching Yen-backed Stablecoin in 2024.”

Crypto Slate provided this statement from Binance Japan’s General Manager:

“Stablecoins have important use cases across the broader financial ecosystem – from a lower-cost and instantaneous cross-border trade settlement for business clients to the facilitation of trading other cryptocurrencies seamlessly for retail investors – stablecoins fill an important financial services need and are crucial for the success of Web 3.0 adoption.” 

Colin Wu explained that the stablecoin offerings won’t be limited to Japanese Yen: “Japan’s largest financial institution, announced that it will begin to cooperate with Binance Japan to jointly consider launching new stablecoins, including Japanese yen and US dollars.”

Coin Telegraph reports:

Japan appears well poised to roll out stablecoins for payment rails. In August, Cointelegraph reported that Japanese blockchain startup Soramitsu was exploring a new stablecoin exchange for a cross-border payment system for Asian countries.

The Japanese government also reportedly plans to permit startups to raise public funds by issuing crypto assets and stablecoins.

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