The Progmat Coin ecosystem is making progress in Japan, with the aim of launching two stablecoins in the summer of 2024. Progmat, along with Mitsubishi UFJ Financial Group (MUFG) and wallet provider Ginco, is conducting a study to issue a yen-denominated stablecoin (XJPY) and a dollar-denominated stablecoin (XUSD). This initiative is expected to improve the efficiency of settlements between crypto asset exchanges, with XUSD specifically designed for cross-border settlements. The Progmat platform, introduced by MUFG in 2022, is regulated under the revised Payment Services Act and supports the issuance of stablecoins by trust banks. In addition to MUFG and Ginco, other players such as Cumberland, Bitbank, Mercoin, and Binance Japan are involved in the Progmat plans. The goal is to eliminate delays caused by using banks for settlement in Japanese crypto exchanges. Alongside Progmat Coin, other blockchain startups like Soramitsu and G.U. Technologies are also exploring stablecoin-related initiatives.

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Information	Details
Geography	Asia
Countries	🇯🇵 🇯🇵
Sentiment	positive
Relevance Score	1
People	None
Companies	Ginco, Mitsubishi UFJ Financial Group (MUFG), Bitbank, Progmat Coin, Cumberland
Currencies	US Dollar, Space Rebase XUSD, Japanese Yen, Stablecoin
Securities	None