Japan's Financial Pioneer: Mitsubishi UFJ Set to Unveil the Nation’s First Stablecoin
by aria-crypto.com
April 4, 2025 at 02:39
Japan's Financial Pioneer: Mitsubishi UFJ Set to Unveil the Nation’s First Stablecoin
Mitsubishi UFJ Trust and Banking is poised to launch Japan's inaugural fiat-pegged stablecoin.
The development of this digital currency reportedly wrapped up by the end of last year, with final tweaks being made ahead of the launch.
Hiroshi Kubota, the newly appointed CEO, stated the stablecoin will first facilitate trades in the carbon credits market.
Future plans aim for its expansion into trade settlements and other financial services, though a specific timeline has yet to be disclosed.
Kubota emphasized that stablecoins provide lower costs and faster transaction times, addressing inefficiencies in the current financial infrastructure.
This stablecoin will be designated as an electronic payment instrument, in line with Japan's Payment Services Act.
Mitsubishi UFJ is collaborating with digital infrastructure firm Progmat and additional partners to ensure a successful rollout.
The competitive landscape is further heating up, as rival banks like Sumitomo Mitsui Financial Group are also preparing their own stablecoin solutions.
With regulatory amendments in June 2023 enabling qualified institutions to issue stablecoins, Japan is embracing a transformative approach to digital finance.
This pivotal move could foster new opportunities for the tokenization of real assets and revolutionize payment systems within the country.
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