Mitsubishi UFJ Monetary Group, Japan’s largest monetary group, is working laborious to take the lead in stablecoin growth, launching a proprietary stablecoin venture.

On Wednesday, MUFG introduced its stablecoin platform known as “Progmat Coin,” a blockchain-based system for issuing and managing stablecoins pegged on a 1:1 ratio to the Japanese yen.

The platform aims to allow a “common digital asset fee methodology,” offering cross-chain interoperability with a variety of different digital property aside from these issued on Progmat, in addition to Japan’s central financial institution digital forex, the digital yen.

In line with the announcement, the Progmat Coin venture relies on contributions and work by MUFG’s “ST Analysis Consortium,” established again in 2019 with a mission to develop requirements round safety tokens. The consortium is now being rebranded to the “Digital Asset Co-creation Consortium,” aiming to broaden the scope of labor past safety tokens to different sectors like stablecoins, nonfungible tokens (NFTs), crypto property and others.

As a part of the venture, the Japanese monetary big can be planning to introduce a stablecoin based mostly on the Japanese yen, a spokesperson for MUFG confirmed to Cointelegraph.

“It’s true that we’re aiming to problem a Japanese yen-based stablecoin. We’ve got the plan to problem our stablecoin throughout 2023,” the consultant acknowledged. As beforehand reported, MUFG was beforehand engaged on comparable digital forex developments since not less than 2015.

The spokesperson confused that the newest stablecoin venture is “utterly completely different” from Japan’s main digital forex venture referred to as “DCJPY.” Introduced in November 2021, the initiative united about 70 Japanese firms, together with MUFG, Mizuho and Sumitomo, to launch a yen-based digital forex in 2022.

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The information comes amid Japanese monetary companies rising more and more eager about issuing and managing digital currencies and stablecoins. Native information company Nikkei Asia reported final week that Japanese buying and selling home Mitsui was planning to problem a cryptocurrency pegged to gold.

As beforehand reported, the Japanese Monetary Companies Company was planning to suggest laws in 2022 to limit stablecoin issuance to solely financial institution and wire switch firms.