Binance has a new stablecoin in Japan that is not only connected to the Japanese Yen.
The three of them have announced that they will create a new digital currency called a stablecoin. It won’t just be linked to the Japanese yen, but also to other currencies like the US dollar.
This new stablecoin will be created using the Progmat Coin platform, which is owned and operated by Mitsubishi UFJ Trust Bank. It follows strict Japanese rules for making and managing stablecoins. This new type of money is going to be a key part of Binance’s work with Japan and the wider global cryptocurrency world.
The three organizations are working together on a study to prepare for introducing the stablecoin. They want to create a new kind of stablecoin that can be used for transactions in both Japanese yen (JPY) and strong currencies like the US dollar (USD).
The world of digital money in Japan is about to change a lot.
A new report from a Japanese newspaper says that there will be more stablecoin options tied to real money, like the yen and the US dollar, in Japan after 2024. Mitsubishi UFJ Trust Bank is thinking about issuing the certificate to approve this project.
The introduction of stablecoins in Japan is likely to bring different financial services and make the market more competitive. If this new idea becomes popular in Japan, it could work well with the Web3 policy supported by the Japanese government. As cryptocurrency keeps changing, this teamwork will be a big step forward for Japan and the world of cryptocurrency.