Binance Japan is partnering with Mitsubishi UFJ Trust Bank (MUTB) to create new stablecoins pegged to major currencies in Japan. The partnership will launch stablecoins pegged to fiat currencies, such as the Japanese Yen, and other foreign currencies, such as the U.S. Dollar.
The stablecoins will be built on Progmat Coin, a compliant infrastructure platform Mitsubishi owns. Progmat Coin was developed to comply with the Payments Service Act. Several major banks in Japan, including Mizuho Bank, SMBC, and SBI Holdings, back the platform.
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