Mitsubishi UFJ Trust and Banking and others start technical collaboration in preparation for interoperability of domestically issued stablecoins

Stablecoin interoperability

Mitsubishi UFJ Trust and Banking Corporation has started a technical partnership with Datachain Co., Ltd. and Soramitsu Co., Ltd. on the 28th to realize smooth mutual transfers and exchanges between various stablecoins scheduled to be issued in Japan. announced.

We aim to realize smooth mutual transfers and exchanges between a wide variety of stablecoins that are scheduled to be issued by various banks and regional digital currencies in the future, and to improve efficiency and reduce fees for remittances between banks, companies, and individuals. aim.

Source: Mitsubishi UFJ Trust and Banking

This initiative will conduct a demonstration experiment of “PVP payment”, in which payments are made simultaneously between different digital money on heterogeneous blockchain platforms.

Specifically, we will utilize stablecoins issued using the stablecoin issuance and management platform “Progmat Coin” led by Mitsubishi UFJ Trust and Banking, and Hyperledger Iroha, whose development is contributed by Soramitsu. It is assumed that regional digital currency etc. will be issued as

connection:Cambodia’s central bank digital currency “Issued within a few months” jointly developed with Japanese company Soramitsu

“Progmat Coin” is a “permissioned stable coin” that uses Corda as a distributed ledger for transfer records, and a “permissionless stable coin” that uses public blockchains such as Ethereum (ETH), through a trust scheme. Coin” will be available for both issuance.

connection:Mitsubishi UFJ Trust and Banking, etc. to conduct demonstration verification for the introduction and spread of stablecoins

In order to realize the mutual transfer of multiple stablecoins/digital money on different blockchains such as Hyperledger Iroha and Corda, the blockchain interoperability project “YUI” developed by Datachain and the messaging protocol adopted by YUI “IBC” etc. are used.

In December 2010, Datachain announced the start of technical collaboration on cross-chain technology in collaboration with Mizuho Research & Technologies Co., Ltd. and SBI R3 Japan Co., Ltd.

connection:Mizuhoya SBI and Datachain start technical collaboration on interoperability

First year of stablecoin

In 2022, Japan became the first country in the world to pass the revised Payment Services Act, which defines stablecoins as “electronic payment methods.” The bill is scheduled to be enforced in 2023, and it is showing excitement that it can be said to be the “first year of stablecoin”.

Stablecoins are expected to be used for international remittances and micropayments, as well as minimizing friction in settlements of digital assets such as securities and NFTs, and are expected to improve the convenience of various settlement scenes. be.

In the future, Mitsubishi UFJ Trust and Banking is also looking to improve the efficiency of cross-border remittances and reduce fees through mutual transfers and exchanges with overseas CBDCs.

connection:Mitsubishi UFJ Trust and Banking, etc. to conduct demonstration verification for the introduction and spread of stablecoins

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