Japan’s largest megabank, Mitsubishi UFJ Financial Group (MUFG), is reportedly teaming up with a local cryptocurrency exchange to develop a stablecoin project. According to a Financial Times report on August 29, MUFG is joining forces with Tokyo-based cryptocurrency exchange bitspark to launch a stablecoin pegged to the Japanese Yen. The report states that MUFG and bitspark will launch a yen-backed stablecoin in September, making it the first of its kind. The goal of the project is to simplify overseas transfers using blockchain technology. Bitspark CEO Maxine Ryan told the Financial Times that the collaboration with MUFG is a “milestone for the industry, as the two traditional financial and fintech forces join forces.”
