MUFG, which has over $700 billion in assets under its wing, took a serious step towards issuing a stablecoin.

Tatsuyo Saito, one of the company’s executives, gave an interview in June. Additionally he mentioned that he had discussions about issuing a stablecoin.

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Stablecoin Ready In 2024!

According to the news from the Japanese media group Coinpost, the company’s partner MUTB is in talks with Binance Japan. The report states that both parties are working on Japanese Yen and U.S. Dollar-based stablecoins, and it is planned to launch these two stablecoins in 2024. It is further mentioned that no specific date has been given.

Binance had returned to the Japanese market after a two-year hiatus. The regulations in the country had been significantly updated in the last year, becoming more user-friendly for companies.

Prime Minister Fumio Kishida mentioned that Web3 could change the traditional way the internet works. He also added that it could be a new form of capitalism. Kishida said, “I believe Japanese companies will create valuable economic spaces in the metaverse”.

Nomura, a company with over $500 billion in assets under management, announced recently that it would launch a Bitcoin fund with a crypto partnership.

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