Progmat Coin Ecosystem Taking Shape in Japan
The Progmat Coin ecosystem is developing in Japan, with the aim of launching two stablecoins in the summer of 2024. Progmat, Mitsubishi UFJ Financial Group (MUFG), and wallet provider Ginco are working together to create a yen-denominated XJPY stablecoin and a dollar-denominated XUSD stablecoin. This initiative is part of Progmat’s efforts to enable stablecoin issuance and improve settlement efficiencies in the crypto asset market.
Liquidity provider Cumberland, as well as crypto exchanges Bitbank and Mercoin, are also involved in the Progmat project. Other crypto asset-related businesses are welcome to join this collaborative effort. Binance Japan has also announced its partnership with MUFG to study the issuance of stablecoins pegged to various currencies.
Hot Take: The Future of Stablecoins in Japan
The collaboration between Progmat, MUFG, and other key players in the cryptocurrency market signals an exciting development for the future of stablecoins in Japan. By introducing yen-denominated and dollar-denominated stablecoins, these companies are paving the way for improved settlement efficiencies and expanded opportunities within the crypto asset market. As this ecosystem continues to take shape, it will be interesting to see how these stablecoins impact the broader financial landscape in Japan and beyond.
By
By
By
By
By
By