Mitsubishi UFJ to launch its JPY-pegged stablecoin by the end of the year
- MUFG Coin has been developed and tested since 2017.
- The developers focused on practical use and functionality.
Mitsubishi UFJ Financial Group (MUFG), the fifth largest financial institution in the world plans to launch its own digital currency by the end of the year to become the first Japanese bank with stablecoin, Cointelegraph reports.
The MUFG Coin will be pegged to the Japanese yen 1:1, while the bank’s customers will be able to change fiat currency on their deposits to MUFG Coin via a dedicated app.
The start of the pilot project was announced int 2017, since that time about 1,500 employees of the bank have taken part in MUFG Coin tests. According to MUFG president Kanetsugu Mike the bank plans to launch the next series of tests with 100,000 account holders before the full roll-out of the project, however, no dates or details to that effect are provided.
MUFG Coin users will be able to use the virtual currency to pay at places like stores and restaurants, and transfer it to other account holders, Mike explained in the interview with the local media outlet Asahi Shimbun.
Earlier this year MUFG announced a launch of blockchain-based payment platform Global Open Network.
Author
Tanya Abrosimova
Independent Analyst
