Crypto exchange Binance is teaming up with Japan’s largest bank, the Mitsubishi UFJ (NYSE:MUFG) 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.