In a major development for the crypto industry, Binance Japan has entered a partnership with the behemoth Mitsubishi UFJ to collaborate on stablecoin development, utilizing the Progmat Coin platform. Propelling the adoption of web3, the partners aim to launch their stablecoin by the end of 2024.
The Binance-Mitsubishi Partnership
Over the past week, the crypto world has witnessed a ground-breaking development with Binance Japan, the division of the world’s largest crypto exchange, announcing a remarkable partnership with Mitsubishi UFJ Trust and Banking Corporation (MUFG). As Japan’s largest banking group, MUFG has an astounding worth of $3.1 trillion in total assets.
The collaboration primarily focuses on the adoption of the Progmat Coin platform, initially launched in 2022. This platform aims to facilitate the creation and management of stablecoins linked to the Japanese yen (JPY). Progmat Coin has already managed to secure support from several local banks, including Mizuho Bank and SBI Holdings.
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As the partnership between Binance Japan and Mitsubishi unfolds, both entities have set an ambitious timeline for themselves, planning to commence stablecoin operations by the end of 2024. Takeshi Chino, General Manager of Binance Japan, revealed potential partnership benefits and use cases for the stablecoins.
Since starting its operations in Japan in August, Binance has offered 34 cryptocurrencies in the country, indicating its commitment to expanding its presence. The exchange has expanded into new jurisdictions, including Japan, despite facing challenges in the U.S. and major markets.
However, it’s important to note that the stablecoin market has been on a decline for more than a year. The global market cap currently stands at $124.23 billion, falling since May 2022.
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Disclaimer: Please note that this article serves solely for informational purposes and should not be construed as financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
