Japanese firms collaborate on yen-backed stablecoin, China signals an openness to blockchain technology Japan China stablecoin
- A group of Japanese companies, including Mitsubishi UFJ Financial Group – Japan’s largest bank – have joined forces to work on bringing interoperability to the Progmat Coin, a yen-backed stablecoin.
The ultimate goal of the project is to help improve settlement times, reduce the associated fees, and enable interoperability between Progmat/Corda-based currencies and Iroha ones, initially targeting those used in Japan. The Progmat Coin was first revealed in 2022 as a way to streamline the settlement process. Progmat is also a platform that currently has a utility token in the works, and the development team has said that native bank-issued stablecoins on Progmat could eventually be used as settlement assets for security tokens and to pay for NFTs and crypto asset transactions.As the U.S.
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