The trust banking arm of mufgbk_official is set to launch a yen-pegged stablecoin as a payment instrument to expedite securities transactions. By JamieCrawleyCD
Mitsubishi UFJ Trust is set to issue a stablecoin as a means of payment to enable instant settlement of securities transactions,The trust banking arm of Mitsubishi UFJ, Japan's largest bank by assets, is planning to exploit blockchain technology for securities trading and use the stablecoin as a payment instrument.
Mitsubishi UFJ is looking to expedite the settlement process, which currently takes a couple of days, saving millions of dollar by making it instantaneous. In this sense, it will be similar toThe stablecoin will be pegged to the Japanese yen. Banks and other financial institutions will be allowed to issue stablecoins next year under new legislationJapan's Crypto Exchanges Body Considers Easing Rules for Token Listings: ReportThe leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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