Mitsubishi UFJ (NYSE:MUFG) Financial Group, Japan’s largest financial group, is working hard to take the lead in stablecoin development, launching a proprietary stablecoin project.
On Wednesday, MUFG introduced its stablecoin platform called “Progmat Coin,” a blockchain-based system for issuing and managing stablecoins pegged on a 1:1 ratio to the Japanese yen.