Binance, the world’s largest crypto exchange, is teaming up with Japan’s largest bank, the Mitsubishi UFJ Trust and Banking Corporation (MUTB), to explore the issuance of stablecoins in Japan. The two companies plan to use a platform called “Progmat Coin” to issue yen and other fiat stablecoins in accordance with Japan’s recently revised and enforced Payments Services Act.The platform supports stablecoin issuance on Ethereum and may be expanded to include BNB Chain through the partnership with Binance. Binance Japan’s general manager, Takeshi Chino, believes stablecoins are vital for the broader financial ecosystem, providing lower-cost and instantaneous cross-border trade settlement for businesses and facilitating seamless crypto transactions for retail investors.MUTB’s vice president of product, Tatsuya Saito, estimates that Japan’s stablecoin market has the potential to grow to as large as $34 billion (5 trillion yen). This equates to around 27% of the estimated current global market.Binance Japan started offering 34 tokens at the launch of its services in August 2023. Meanwhile, Japan’s Orix Bank is reportedly also weighing plans to issue stablecoins in the country. Orix aims to begin testing yen, dollar, and other stablecoins in October eyeing a 2024 launch.The Japanese government is reportedly planning to permit startups to raise public funds through the issuance of crypto assets and stablecoins. This could be a major step forward for the adoption of Web3 in Japan.

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Information	Details
Geography	Asia
Countries	🇯🇵 🇺🇸
Sentiment	positive
Relevance Score	9
People	Orix Bank, G.U. Technologies., Soramitsu, Takeshi Chino, Tatsuya Saito
Companies	G.U. Technologies., MUFG, Binance, Mitsubishi UFJ Trust and Banking Corporation (MUTB), Progmat Coin
Currencies	Ethereum, BNB, Japanese Yen, Bitcoin, US Dollar
Securities	None