Progmat Coin and Associates Set to Release Yen and Dollar Stablecoins in 2024
Progmat Coin, along with Mitsubishi UFJ Financial Group (MUFG) and wallet service Ginco, has initiated research into the creation of a yen-focused XJPY stablecoin and a dollar-focused XUSD stablecoin. These planned stablecoins are designed to enhance the effectiveness of transactions between cryptocurrency exchanges. The XUSD is specifically designed for use in international transactions. This step, expected in summer 2024, is a crucial part of the expanding Progmat Coin network in Japan, inclusive of a market maker and cryptocurrency exchanges. Progmat Coin and its collaborators aim to remove the holdups caused by Japanese crypto exchanges utilizing banks for transactions. MUFG launched the Progmat platform in February 2022 in collaboration with other large Japanese banks, and it operates under the updated Payment Services Act which became effective in June 2023. The act allows for three kinds of stablecoin, and Progmat will back the ‘trust’ type coin, issued by trust banks. Only banks have the authority to issue stablecoins under Japanese legislation, and these stablecoins on Progmat will need to be licensed before launch.
