MUFG Partners with JPYC for Stablecoin Services

MUFG Partners with JPYC for Stablecoin Services



MUFG, known as Japan's largest financial institution and the second-largest global bank holding company, has just announced a partnership with JPYC, a stablecoin backed by the Japanese yen. This collaboration is set to introduce a range of new services centered around stablecoins, including cross-border payments.



In this joint venture, MUFG will be integrating JPYC into its tokenization platform called Progmat, as disclosed in their recent announcement. Progmat, which MUFG launched earlier this year in partnership with prominent players in the industry like SBI Holdings, Mizuho Trust and Banking, Sumitomo Mitsui Trust Bank, and NTT DATA Corporation, serves as a platform for issuing and managing digital assets and boasts over 200 member entities.



The key development here is that JPYC will leverage Progmat to issue a stablecoin


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