MUFG Launches Progmat Coin

However, MUFG confirmed at its 2022 announcement that it is launching its own Japanese yen-pegged stablecoin.

MUFG Launches Progmat Coin
MUFG Launches Progmat Coin

Megabank Mitsubishi UFJ Financial Group (MUFG) has announced that its stablecoin issuance platform, “Progmat Coin,” will soon be utilized by Japanese banks to issue yen-pegged stablecoins on multiple public blockchains.

As a result of this month’s implementation of new regulations, Japanese banks have recently declared their intent to investigate or launch stablecoins.

Midway through 2022, the Japanese government passed a law prohibiting non-banking institutions from issuing stablecoins. The legislation went into effect on June 1, 2023.

MUFG announced on June 2 that the Progmat Coin would facilitate the issuance of bank-backed stablecoins on Ethereum, Polygon, Avalanche, and Cosmos, with other networks to follow.

Additionally, MUFG disclosed that its blockchain technology and security partners, Toki and Datachain, are constructing a bridge to enable cross-chain transactions, lending, and swaps between the supported blockchains.

The bank anticipates the launch of the cross-chain infrastructure in the second quarter of 2022.

MUFG Launches Progmat Coin
Progmat Coin cross-chain interopability. Source: MUFG

MUFG initially announced Progmat Coin in February 2022, aiming to provide an interoperable and “universal digital asset payment method” for stablecoins, other crypto assets, and even a central digital bank currency based in Japan.

MUFG has not disclosed which banks will be the first to use Progmat Coin; however, it confirmed at its 2022 announcement that it is launching its own Japanese yen-pegged stablecoin.

Nikkei Asia reported on June 1 that Shikoku Bank, Tokyo Kiraboshi, and Minna Bank all intend to issue stablecoins; however, it appears that they will not use the Progmat Coin platform.

According to the publication, these banks will utilize a stablecoin platform created by the Tokyo-based startup G.U. Technologies.


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