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Japanese Banking Giant to Issue Its Own Stablecoin in Late 2020

Mitsubishi UFJ Financial Group, or MUFGt, the fifth largest financial institution in the world, is reportedly planning to problem its personal digital foreign money in the second half of 2020.

Initiated again in 2015, the digital foreign money venture was initially designed to run on a blockchain community and facilitate immediate peer-to-peer transactions. Following a number of delays, the initiative is now scheduled to be rolled out no later than 2020, Cointelegraph Japan studies on July 13.

“We think that everyone will be able to use it openly”

Hironori Kamezawa, president and CEO at MUFG, announced the brand new plans on Monday to native information company, the Mainichi Shimbun. As a part of the upcoming launch, MUFG is reportedly planning to launch cell retail funds powered by the digital foreign money in collaboration with its accomplice, the Recruit Group.

According to the report, Kamezawa mentioned that almost 1 million Recruit member shops have already signed up for this collaboration. “We think that everyone will be able to use it openly,” the CEO famous, including that MUFG token will likely be out there to non-Recruit shops in future as effectively.

MUFG token is pegged 1:1 to the Japanese yen

As beforehand reported, the MUFG token is designed as a blockchain-based stablecoin pegged 1:1 to the Japanese yen. Since the venture was first initiated about 5 years in the past, the rollout of the MUFG token has been delayed a number of instances. The financial institution was reportedly attempting to launch the token all through each 2018 and 2019.

MUFG is the biggest monetary firm in Japan. It was prospectively set to turn into the primary Japanese financial institution to problem a digital foreign money. In September 2019, MUFG participated in a $14 million funding spherical for Coinbase-backed token issuance protocol, Securitize, alongside Banco Santander and Nomura Holdings.

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