Mitsubishi UFJ Trust and Banking, Datachain, and Dubai-based TOKI FZCO are expected to be issued and distributed on various public blockchains on June 2nd through the stablecoin issuance management platform “Progmat Coin.” Regarding stablecoins, they announced that they have started a technical partnership to build cross-chain infrastructure between public blockchains.
On June 1, the revised Payment Services Act came into effect, making it possible to issue and distribute stablecoins in Japan. In the future, it is expected that stablecoins based on various blockchains, including public blockchains such as Ethereum, will be issued.
In this initiative, Mitsubishi UFJ Trust and Banking, which promotes “Progmat Coin”, Datachain, which has a track record and technical knowledge of cross-chain technology, and TOKI, which plans to provide cross-chain bridges globally, will collaborate. Stablecoins issued in compliance with Japanese laws and regulations will be deployed on public chains such as Ethereum and Cosmos, aiming to build an infrastructure that enables cross-chain transactions.
｜Sentence / Editing: CoinDesk JAPAN Editorial Department
｜Image: From release materials