Crypto exchange Binance is teaming up with Japan’s largest bank, the Mitsubishi UFJ Trust and Banking Corporation (MUTB), to explore the issuance of stablecoins in Japan.
On Sept. 25, Binance Japan announced a joint study that aims to see the companies issue yen and other fiat stablecoins to accelerate Web3 adoption in Japan. The pair plan to utilize a platform called “Progmat Coin” which would be a Japanese regulatory-compliant stablecoin issuance and management system.