Fun

News Feed - 2023-09-26 01:09:34

Martin Young4 hours agoCrypto exchange Binance among firms eyeing new stablecoins in JapanBinance and Mitsubishi UFJ Trust and Banking Corporation (MUTB) are exploring the issuance of Japanese yen and other foreign currency-denominated stablecoins in Japan.1801 Total views13 Total sharesListen to article 0:00NewsJoin us on social networksCrypto exchange Binance is teaming up with Japan’s largest bank, the Mitsubishi UFJ Trust and Banking Corporation (MUTB), to explore the issuance of stablecoins in Japan.


On Sept. 25, Binance Japan announced a joint study that aims to see the companies issue Japanese yen and other fiat-backed stablecoins to accelerate Web3 adoption in Japan. The pair plans to utilize MUFG’s stablecoin issuance platform, Progmat Coin.


The Japanese bank would be pioneering the development of the Progmat Coin platform as infrastructure for issuing stablecoins under Japan’s recently revised and enforced Payments Services Act. The legislation, which took effect in June, allows Japanese banks and regulated crypto providers to issue stablecoins.Binance Progmat logos. Source: Binance PR


Progmat Coin is designed to support stablecoin issuance on networks such as Ethereum, Polygon, Avalanche, Cosmos and BNB Chain.


In a statement, Binance Japan general manager Takeshi Chino said stablecoins are vital for the broader financial ecosystem. In addition to providing lower-cost and instantaneous cross-border trade settlement for businesses, they also facilitate seamless crypto transactions for retail investors, he added.Stablecoins fill an important financial services need and are crucial for the success of Web3 adoption.


According to Tatsuya Saito, MUFG’s vice president of product, Japan’s stablecoin market has the potential to grow to as large as 5 trillion yen ($34 billion). This equates to around 27% of the estimated current global market, which is $123.7 billion, according to CoinGecko.


Binance, which has faced a mountain of regulatory pressure in the West, started offering 34 tokens at the launch of its services for the Japanese market in August 2023.


Related:Marketing company wants 90% of Japanese population on Web3


Meanwhile, Japan’s Orix Bank is reportedly also weighing plans to issue stablecoins in the country.


Orix aims to begin testing yen, United States dollar and other stablecoins in October, eyeing a 2024 launch. They will be backed by fiat deposits utilizing the Japan Open Chain blockchain developed by Tokyo-based G.U. Technologies and partners.


Japan appears well poised to roll out stablecoins for payment rails. In August, Cointelegraph reported that Japanese blockchain startup Soramitsu was exploring a new stablecoin exchange for a cross-border payment system for Asian countries.


The Japanese government also reportedly plans to permit startups to raise public funds by issuing crypto assets and stablecoins.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine: Unstablecoins: Depegging, bank runs and other risks loom# Japan# Business# Binance# StablecoinAdd reactionAdd reactionRead moreHow to send and receive payments on the Lightning NetworkBitcoin miners seek alternative energy sources to cut costsStablecoin exodus: Why are investors fleeing crypto’s safe haven?

News Feed

Karma served: Pink Drainer gets hit with address poisoning scam
Tom Mitchelhill6 hours agoKarma served: Pink Drainer gets hit with address poisoning scam“The scammers have been scammed” — notorious crypto-draining took kit just lost 10 ETH to a wallet poisoning attack.2278 Tota
California Regulator Reveals Investigation Into FTX’s Failure, Says ‘Crypto Assets Are High-Risk Investments’
California Regulator Reveals Investigation Into FTX"s Failure, Says "Crypto Assets Are High-Risk Investments" After it was discovered that FTX was dealing with financial issues and
Digital Assets Under Management 5.25% Higher in February — Grayscale Still ‘Most Dominant Player’
Digital Assets Under Management 5.25% Higher in February — Grayscale Still "Most Dominant Player" The value of digital assets under management (AUM) for digital asset investment
XRP Makes Double Rejection – Here’s Where It Might Be heading Next
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Family of Popular NFT Projects Launch Collaborative Initiative and Genesis Collection
Family of Popular NFT Projects Launch Collaborative Initiative and Genesis Collection On Tuesday, a new Draper Goren Holm incubated company called NFT.FAMILY has announced the laun
Chinese Platforms to Test Metaverse Tech During Qatar World Cup 2022 Broadcasts
Chinese Platforms to Test Metaverse Tech During Qatar World Cup 2022 Broadcasts Several Chinese platforms are introducing metaverse tech in their coverage of Qatar’s 2022 soc
Dutch exchange Bitvavo taps Figment to expand staking services
Gareth Jenkinson9 hours agoDutch exchange Bitvavo taps Figment to expand staking servicesInstitutional staking platform Figment will become an additional infrastructure provider to Dutch exchange Bitvavo.4691 Total views
81 Countries Are Now Exploring Central Bank Digital Currencies — 5 CBDCs Fully Launched
81 Countries Are Now Exploring Central Bank Digital Currencies — 5 CBDCs Fully Launched Eighty-one countries are now exploring central bank digital currencies
Biggest Movers: XRP Rises 7%, While LUNA Falls by the Same Amount
Biggest Movers: XRP Rises 7%, While LUNA Falls by the Same Amount Although cryptocurrency markets started the weekend lower, XRP was able to avoid the red wave, rising by as much a
US Senate overturns SEC’s anti-crypto resolution, but will Biden veto? Law Decoded
David Attlee4 hours agoUS Senate overturns SEC’s anti-crypto resolution, but will Biden veto? Law DecodedThe U.S. president remains the last barrier to recalling the problematic anti-crypto resolution by the SEC.12863
Ethereum Price Dump: Is Donald Trump’s World Liberty Finance Behind The Crash To $1,400?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Gemini reaches $50M settlement with New York AG over Earn program
Turner Wright5 hours agoGemini reaches $50M settlement with New York AG over Earn programGemini Trust said that affected Earn users could expect “100% of the assets owed to them” within seven days.1144 Total views19