Mitsubishi UFG bank launches progmacoin stablecoin

Japan's largest financial institution launched the yen-pegged stablecoin progmacoin in partnership with Japan's SBI Group and Daiwa Securities

Mitsubishi UFJ (MUFG Bank) financial institution launched progmacoin, a blockchain-based stablecoin that is pegged to the Japanese yen. The bank entered into an alliance with Japan’s SBI Group and Daiwa Securities for the purpose of instant settlement of securities transactions.

The stable currency created by the largest bank in Japan is equivalent to a central bank digital currency (CBDC). The difference is based on the nature of the issuing entity; that is, CBDCs are issued by the central banks of the States, while stablecoins are issued by private banks.

Japan, according to new proposed legislation, is ready and willing to “limit the issuance of private stablecoins to banks and financial institutions.”

Crypto market grows

Recently, the crypto market is experiencing a significant increase as investors are motivated due to the increase in cryptocurrency prices, registering an increase in the global market capitalization of 3.73 % to reach about 2.02 billion dollars.

On the other hand, the trading volume of cryptocurrencies also registered an increase of the order of 45.25 % in the last hours, reaching 95,190 million dollars.

The CEO and founder of Bitbns noted: “Bitcoin crossed an integral level of $ and is currently trading at $ 44,561.30, with short-term Bitcoin holders making a profit for the first time since last November.”

M. Rodríguez


You might also like