BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Crypto exchange Binance among firms eyeing new stablecoins in Japan

by Dan K
Sep 26, 2023 - 11:30 am
in Blockchain, WEB 3.0
Logo of Binance and MUTB signifying their collaboration for stablecoin issuance in Japan.

Stablecoins: The Key to Accelerate Web3 Adoption in Japan

Binance, a global crypto exchange powerhouse, has made strides in Japan by partnering with Mitsubishi UFJ Trust and Banking Corporation (MUTB). Announced on September 25th, the collaboration seeks to examine the issuance of yen and various other fiat stablecoins in Japan to bolster Web3 adoption.

MUFG’s Progmat Coin: Pioneering Stablecoin Infrastructure

MUFG, being Japan’s top bank, has spearheaded the development of the Progmat Coin platform, which stands as the backbone for stablecoin issuance as per the revamped Payments Services Act in Japan. With the new legislation in place since June, it has become feasible for Japanese banks and crypto service providers that are regulated to mint stablecoins.

Currently, the platform accommodates the issuance of stablecoins across Ethereum, Polygon, Avalanche, and Cosmos. However, with the budding Binance partnership, there might be an inclusion of BNB Chain soon.

Stablecoins: Bridging Traditional Finance and Crypto

For Binance Japan’s general manager, Takeshi Chino, stablecoins are not just digital tokens. They’re the linchpin for the expansive financial realm. These digital assets not only enable businesses to experience cheaper and swift cross-border trade settlements but also simplify crypto transactions for the everyday retail investor.

Furthermore, Tatsuya Saito, MUFG’s vice president of product, underlines the growth potential of Japan’s stablecoin market. According to his forecast, the market might swell to approximately 5 trillion yen ($34 billion), which is nearly 27% of the global market’s estimated value of $123.7 billion, as noted by CoinGecko.

Japan’s Stablecoin Landscape: A Promising Outlook

Binance, in spite of its regulatory challenges in the West, initiated its services in the Japanese market this August, launching with 34 tokens.

However, Binance and MUTB aren’t the only players eyeing the stablecoin space in Japan. Orix Bank is in the news, mulling over the issuance of stablecoins in the country. They’re slated to pilot test stablecoins pegged to yen and the US dollar in October, with a potential launch in 2024. Backing these stablecoins will be fiat deposits on the Japan Open Chain blockchain, a product of Tokyo-based G.U. Technologies.

The path seems clear for Japan to leverage stablecoins for payment solutions. Reports indicate that blockchain startup Soramitsu is pondering over a novel stablecoin exchange, targeting a cross-border payment mechanism for Asian nations.

Moreover, whispers in the corridors of power suggest that the Japanese government might soon greenlight startups to garner public capital through the issuance of crypto assets and stablecoins.

Tags: BinanceJapanStablecoinWeb3
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Interactive Strength partners with Fetch.ai to launch a $500M AI token treasury

Interactive Strength Launches $500M AI Token Treasury in Landmark Fetch.ai Deal

June 11, 2025

Interactive Strength launches $500M AI token treasury with Fetch.ai, aiming to boost shareholder value and bring decentralized AI...

Uniswap price chart displaying breakout from inverse head-and-shoulders pattern with bullish momentum indicators

Uniswap Breaks Out of Inverse Head-and-Shoulders Pattern, Eyes 37% Upside

June 11, 2025

Uniswap breaks out of inverse head-and-shoulders, targets $10.40. Daily volume up 150%, user activity surging amid bullish DeFi...

blockchain

Circle’s Stellar IPO Fuels ProShares and Bitwise ETF Filings Tied to CRCL Shares

June 10, 2025

Circle’s explosive IPO drives ProShares and Bitwise to file CRCL-linked ETFs, reflecting rising institutional demand for stablecoin-linked equities.

Brian Quintenz speaking at his Senate confirmation hearing for CFTC chair nomination

Trump’s CFTC Nominee Brian Quintenz Calls Blockchain a Society-Shaping Force

June 10, 2025

Trump’s CFTC nominee Brian Quintenz says blockchain will reshape society and urges Congress to act on clear rules...

Press Releases

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

BTC

Popular Memecoin MEW Pledges $10,000 to Pasadena Humane Organization to Aid Animals Affected by California Wildfires

January 20, 2025

MEW memecoin donates $10K to Pasadena Humane for wildfire-affected animals. Join the mission to aid pets and wildlife in crisis...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise