The largest Japanese bank will issue its own stablecoin by the end of 2020

The largest Japanese bank will issue its own stablecoin by the end of 2020

Japan’s largest financial group Mitsubishi UFJ intends to issue its own stablecoin by the end of this year.

MUFG President and CEO Hironori Kamezawa said the bank plans to launch the project in the second half of 2020. According to him, the digital currency will be used to pay for retail purchases through the mobile application.

The partner of the Recruit Group and 1 million stores that have already agreed to cooperate and freely accept the MUFG token will help the bank in the implementation of the project. In the future, the company plans to interest other retail chains.

Mitsubishi UFJ began work on a stablecoin tied 1: 1 to the Japanese yen back in 2015, but postponed the launch several times. Earlier, representatives of the bank reported that the future blockchain-based network will be able to process more than 1 million transactions per second, as well as interact with the Internet of things and cloud services.

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The largest Japanese bank will issue its own stablecoin by the end of 2020

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