Binance Japan Inc. and Mitsubishi UFJ Trust and Banking Corporation (MUTB) are exploring the possibility of issuing a stablecoin in Japan by the end of 2024. The stablecoin will be pegged to fiat currencies, including the Japanese Yen and other foreign currencies. Binance Japan recently acquired a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan. MUTB is currently leading the development of the “Progmat Coin” platform as an infrastructure for issuing stablecoins per the revised Payments Services Act enforced in June 2023. Binance Japan is currently offering 34 tokens, making it the largest number of tokens offered on any digital exchange in the country. Takeshi Chino, general manager of Binance Japan, said that stablecoins have important use cases across the broader financial ecosystem. Tatsuya Saito, vice president of product of MUTB, added that the new stablecoin from this collaboration will be a step forward in advancing Web 3.0. Binance Japan has indicated that it intends to offer a minimum of 100 tokens on its platform in the coming months.
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| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇯🇵 |
| Sentiment | positive |
| Relevance Score | 10 |
| People | Takeshi Chino, Tatsuya Saito |
| Companies | MUFG, Mitsubishi UFJ Trust and Banking Corporation (MUTB), Binance Japan Inc (Binance Japan), Sakura Exchange BitCoin (SEBC), Progmat Coin |
| Currencies | Ethereum, sebc., Japanese Yen, COIN, Bitcoin |
| Securities | None |
