Megabank Mitsubishi UFJ Financial Group (MUFG) has announced that its stablecoin issuance platform, Progmat Coin, will soon be used by the Bank of Japan to launch yen-pegged stablecoins on multiple public blockchains.
In a June 2 announcement, MUFG outlined that Progmat Coin will be used to facilitate the issuance of bank-backed stablecoins on Ethereum, Polygon, Avalanche and Cosmos, with more networks to be added in the future.
MUFG also revealed that its blockchain technology and security partners TOKI and Datachain are building a bridge to enable cross-chain transactions, lending and swaps between the list of supported blockchains. The bank expects the cross-chain infrastructure to launch in the second quarter of 2022.