Binance is partnering with Japan’s biggest bank to launch stablecoins in Japan by the end of next year.<\/p>\n
Binance said <\/a>its conducting a joint study of stablecoins pegged to fiat currencies including the yen and other foreign currencies with Mitsubishi UFJ Trust and Banking Corporation (MUTB), which is a unit of the nation’s biggest bank, MUFG.<\/p>\n “Both companies intend on commencing stablecoin operations by the end of 2024 upon completion and approval of applicable regulatory approvals by Binance Japan,” Binance said. ”Both companies aim to issue new stablecoins to help accelerate the mass adoption of Web3 in Japan<\/span>.”<\/p>\n Japan allowed the issuing of stablecoins by licensed crypto platforms in June. This prompted Orix Corp. and other firms to consider introducing stablecoin tokens that are said to offer financial benefits like quicker money transfers and settlements.<\/p>\n Binance chose to partner with MUTB<\/a> due to its principal role in the development of the “Progmat Coin<\/a>” platform. The platform is an infrastructure for issuing stablecoins that is compliant with Japan’s Payments Services Act enforced in June 2023.<\/p>\n 🇯🇵ステーブルコイン発行へ、バイナンスジャパンと三菱UFJ信託が検討。 #BinanceJapan<\/a> #Binance<\/a> <\/p>\n ⬇️詳細はこちら https:\/\/t.co\/xGfTPMk8i7<\/a><\/p>\n — Binance Japan 🇯🇵｜JPY板取引無料キャンペーン中 (@_BinanceJapan) September 26, 2023<\/a><\/p><\/blockquote>\n\n