Japanese banks will soon use Megabank Mitsubishi UFJ Financial Group (MUFG)’s stablecoin issuance platform, “Progmat Coin,” to launch Yen-pegged stablecoins on a number of public blockchains. As a result of new regulations that went into effect this month, Japanese banks have recently stated their intentions to either investigate stablecoins or launch them. Japan to ban non-banking firms from issuing stablecoins in 2023 The Japanese government enacted a law in the middle of 2022 that forbade non-banking institutions from issuing stablecoins. On June 1, 2023, the legislation went into effect in full. The Progmat Coin will be used to facilitate the
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