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Binance is exploring issuing stablecoins on the "Progmat Coin" tokenization platform founded by Mitsubishi UFJ Trust and Banking Corporation (MUFG). The Progmat Coin platform allows for transfers and exchanges of stablecoins on various blockchains, including public permissionless blockchains such as Ethereum, in accordance with Japan's revised Payments Services Act enforced in June 2023. For such stablecoins, issuers and intermediaries are required to take measures to prevent a transfer of such stablecoins to customers whose identity has not been verified, even though I assume they're not responsible for off-platform transfers between customers.

Japanese bank holding and financial services company Mitsubishi UFJ Financial Group is set to put its digital currency MUFG Coin into practical use later this year.

Mitsubishi UFJ Financial Group (MUFG), is set to issue a digital currency in the second half of this year. The cryptocurrency will be issued in collaboration with Recruit Group, a major Japanese holding firm that operates restaurant-finding service Hot Pepper Gourmet and many more. The digital currency will be initially utilized in a smartphone payment app for member companies. Recruit has around 1 million member stores.

Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corp. are looking to link their digital currencies to East Japan Railway's Suica smart transit card. The Suica card is increasingly being accepted for purchases at stores and kiosks, especially within train stations, but it cannot be used for bank account transfers. Last year Mizuho rolled out its J-Coin Pay platform which can be used to transfer money or for QR-code payments. Meanwhile, MUFJ is reworking plans for its MUFG Coin digital currency.

Mitsubishi UFJ Financial Group (MUFG) plans to deploy and distribute bank-backed stablecoins on different public blockchains. The Japanese bank has partnered with Datachain, a blockchain interoperability company, and Toki, a cross-chain bridge, to allow the interoperation of these licensed stablecoins along several blockchains using its Progmat Coin protocol. The announcement comes after Japan's revised funds' settlement law passed in 2022 came into take effect to allow financial institutions to issue stablecoins. Stablecoin issuance on public blockchains doesn't seem to be explicitly covered in the legislation as summarized in a slide deck from Japan's Financial Services Agency (FSA) and this document, although a white paper published by the country's Liberal Democratic Party implies that clarity on this issue would be forthcoming, which I suppose has indeed arrived.

The founding shareholders of Fnality comprise: Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, Credit Suisse, ING, KBC Group, Lloyds Banking Group, MUFG Bank, Nasdaq, Sumitomo Mitsui Banking Corporation, State Street Corporation, and UBS. Clearmatics continues in its role as the technology partner to Fnality.

JPM Coin (JP Morgan), USC (UBS and twelve others), J Coin (Mizuho and a consortium of Japanese banks), MUFG Coin (Bank of Tokyo-Mitsubishi UFG), and Signet (NY-based Signature Bank).

Mitsubishi UFJ Financial Group will launch its high-speed blockchain payment network with the U.S.-based tech firm Akamai in 2021. The Global Open Network (GO-NET) will integrate payment terminals from Seiko with the bank's credit card company in February. GO-NET can reportedly process 100,000 transactions per second (tps), compared to VISA's 70,000, and the platform can be expanded to reach as high as 10 million tps for small payments. GO-NET expects the payment services to be fully functional across Japan by the summer of 2022.

More than 30 major Japanese firms, including banks such as MUFG, Sumitomo Mitsui and Mizuho, are reportedly set to trial a common, private digital currency next year to improve payments. Other group members include NTT, Accenture, Daiwa Securities, and Nomura. Observers of the initiative include government agencies of the country, such as the Bank of Japan and the Financial Services. Agency.https://news.decurret.com/hc/ja/article_attachments/360100063753/___________.pdf

Progmat and Datachain, along with Japanese banks MUFG, SMBC and Mizuho, launched Project Pax, that aims to use stablecoins instead of correspondent banks for cross-border payments. However, so that corporate customers can trigger trade payments in the conventional manner via their banks, SWIFT payment messages will be integrated with the distributed ledger technology (DLT) based Progmat tokenized network, so clients don't touch the stablecoins. For cross-chain transactions between different blockchains, the platform will utilize Datachain's middleware and its Inter-Blockchain Communication (IBC) protocol. Prototype testing will start shortly, and Pax members plan to collaborate with other financial institutions, looking to go live in 2025. https://www.datachain.jp/news/progmat-and-datachain-launch-project-pax