Binance looks to issue stablecoins in Japan with MUFG unit by end of 2024

Binance Japan is co-studying the issuance of a stablecoin in partnership with MUFG as it re-enters the market.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Binance has partnered with a unit of Japanese bank MUFG to study the issuance of a new stablecoin pegged to fiat currencies, as the world’s largest cryptocurrency exchange re-enters the Japanese market.that Binance Japan Inc.

MUTB is exploring the possibility of using its platform, dubbed “Progmat Coin,” as infrastructure for stablecoin issuance, according to the statement. Both companies plan to commence stablecoin operations by the end of next year upon obtaining applicable regulatory approvals, they added.guaranteeing that they are linked to the yen or another fiat currency and that holders have the right to redeem them at face value. The legal framework took effect this June.

"Stablecoins have important use cases across the broader financial ecosystem – from a lower-cost and instantaneous cross border trade settlement for business clients, to the facilitation of trading other cryptocurrencies seamlessly for retail investors — stablecoins fill an important financial services need and are crucial for the success of Web 3.0 adoption," Takeshi Chino, general manager of Binance Japan, said in the statement.

Tatsuya Saito, vice president of product of MUTB, said:"We believe that the new stablecoin from this collaboration will be a step forward in advancing the Web 3.0."In November 2022, Binance acquired 100% of Sakura Exchange BitCoin — paving the way for it to be regulated by the Japan Financial Services Agency. Its re-entry into the market came after theBinance Japan, which fully

Source: News Formal (newsformal.com)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Usher to perform 2024 Super Bowl Halftime ShowUsher will headline the 2024 Super Bowl Halftime Show in Las Vegas on Feb. 11, 2024.
Source: NBCDFW - 🏆 288. / 63 Read more »

Japan's MUFG Bank, two others lead $290 mln Sierra Space fundraising -NikkeiMUFG Bank is among three Japanese firms leading a $290-million fundraising round for U.S. spaceship company Sierra Space, spearheading a commercial 'spaceport' project in the southwestern region of Oita, the Nikkei daily said on Tuesday.
Source: ReutersScience - 🏆 559. / 51 Read more »

Crypto exchange Binance among firms eyeing new stablecoins in JapanBinance and Mitsubishi UFJ Trust and Banking Corporation (MUTB) plan to use Progmat Coin, a regulatory-compliant stablecoin issuance and management system.
Source: Cointelegraph - 🏆 562. / 51 Read more »

Usher to Headline 2024 Apple Music Super Bowl Halftime ShowThe iconic performer will take the NFL’s biggest stage on Feb. 11, 2024 in Las Vegas.
Source: billboard - 🏆 112. / 63 Read more »

Usher to perform at Super Bowl 2024 halftime showR&B star Usher, in the midst of an acclaimed Las Vegas residency, will perform at the NFL's championship game on Feb. 11 at Vegas' Allegiant Stadium.
Source: latimes - 🏆 11. / 82 Read more »