Mitsubishi UFJ Trust and Banking is conducting a pilot study on JPY stablecoin interoperability / TWD stablecoin related developments

According to Coinpost, Mitsubishi UFJ Trust and Banking, Japan’s largest trust bank, announced that it is forming a partnership with Datachain and Soramitsu to smoothly realize the transfer and exchange between various stablecoins scheduled to be issued in Japan, and improve the efficiency and reduce fees for remittances between banks, companies and individuals. The plan will conduct demonstration experiments with “PVP payments”, where simultaneous payments are made between different digital currencies on a heterogeneous blockchain platform. The partnership will involve Mitsubishi UFJ Financial Group’s stablecoin, Progmat Coin, and Soramitsu’s regional digital currency issued using Hyperledger Iroha. (PANews report)

Nowadays, many countries are preparing for stablecoin systems, and Taiwan’s central bank has been considering the possibility of issuing Taiwan dollar stablecoins, and there have been discussions on the MaiCoin exchange earlier. In fact, the Bank of Japan has already developed some management methods for the yen-backed stablecoin, and began to manage the exchange and issue licenses in April 2017. Looking back at the situation in Taiwan, the initial scene should be the issuance of stablecoins by the central bank, the issuance and use of the supervision of the Financial Supervisory Commission, the practice of fiat and cryptocurrency exchange by crypto & virtual asset exchanges, and may also be piloted in some traditional financial institutions, and the main use scenarios will be payment and trading behavior, including but not limited to trade, cross-border transfers, physical trading and virtual world (metaverse) trading. (SDChain report)

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