Key takeaways for the Pardisers;

• MUFG’s Progmat Coin solution is the driving force behind the initiative
• Progmat Coin solution is not only limited to the MUFG but also designed to support stablecoin issuance from various Japanese trust banks

Ladies and Gentlemen of ParadiseClub, we have some exciting news from the Land of the Rising Sun. Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, has unveiled its ambitious plan to issue bank-backed stablecoins on several leading public blockchains. This move is set to revolutionize the integration of traditional banking and blockchain technology, potentially reshaping the global financial landscape.

MUFG’s Progmat Coin solution will be the driving force behind this initiative, facilitating the issuance of these stablecoins on Ethereum, Avalanche, Cosmos, and Polygon networks. While the exact launch dates are yet to be confirmed, the anticipation is palpable among the crypto community.

Progmat Coin isn’t just limited to MUFG. It’s designed to support stablecoin issuance from various trust banks, thanks to recent legislation that empowers Japanese trust banks to issue stablecoins. This development is a significant leap forward for the country’s financial sector, aligning it with the fast-paced world of digital currencies.

MUFG isn’t working alone on this venture. They’ve teamed up with DataChain, a startup specializing in blockchain interoperability, and TOKI, a cross-chain bridge solution based on DataChain’s technology. These collaborations aim to support cross-chain swaps, payments, and lending across public blockchains. Imagine purchasing an NFT with a Progmat Coin on a different blockchain – that’s the future we’re looking at!

TOKI, established in Dubai earlier this year, plans to launch its bridge later this year and issue its own crypto token. By operating liquidity pools with Progmat Coins on multiple blockchains, TOKI will enable seamless transactions across networks.

While the solution seems primarily targeted at the Japanese market, it’s unclear whether users will need to undergo Know Your Customer (KYC) compliance measures to hold the stablecoins. We’ll keep an eye out for further clarification on this matter.

ParadiseFamilyVIPs, this development is a testament to the growing influence of blockchain technology in traditional banking. As MUFG pioneers the issuance of bank-backed stablecoins through Progmat Coin, we’re witnessing a significant step towards a future where banking and blockchain coexist seamlessly. Stay tuned for more updates on this exciting development!

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