On March 28, Mitsubishi UFJ Trust and Banking, Soramitsu, and Datachain started a technical partnership to realize smooth mutual transfers and exchanges among the wide variety of stablecoins that are expected to be issued in Japan. Announced. It aims to build a financial infrastructure that can be used globally by building advanced use cases in the world.
In 2023, the revised Fund Settlement Act, which defines stablecoins as “electronic payment instruments,” will come into effect.
The three companies will develop various stablecoins issued using the stablecoin issuance and management platform “Progmat Coin” led by Mitsubishi UFJ Trust and Banking, and the open source blockchain platform Hyperledger, which Soramitsu is contributing to the development of. Using Iroha, we will conduct demonstrations assuming regional digital currencies, etc., which are being considered by regional banks.
Interconnection between different blockchains will use YUI, a blockchain interoperability project developed by Datachain, IBC, a messaging protocol adopted by YUI, and LCP, a middleware.
We aim to realize mutual transfer of different digital money on heterogeneous blockchain boards (PVP payment: simultaneous payment between different currencies), improve efficiency of remittance between banks, companies, and individuals, and reduce fees.
In the future, we are also looking to improve the efficiency of cross-border remittances and reduce fees through mutual transfers and exchanges with overseas central bank digital currencies (CBDC).
｜Text and editing: coindesk JAPAN editorial department
｜ Top image: From the release