Strengthening collaboration for stablecoin issuance and distribution on Ethereum, etc. Datachain raises funds from Mitsubishi UFJ Trust and Banking

1 year ago 69

Stablecoin business with Mitsubishi UFJ Trust and Banking

Datachain Co., Ltd., which provides cross-chain technology, announced on the 27th that it has raised funds from Mitsubishi UFJ Trust and Banking. This move is part of our aim to strengthen cooperation in the stablecoin business with Mitsubishi UFJ Trust and Banking.

The two companies have been promoting business development and technology verification using the stablecoin issuance management platform “Progmat Coin” developed by Mitsubishi UFJ Trust and Banking. The issuance and circulation of stablecoins by progmacoin are planned.

In the future, Datachain will actively promote the issuance and distribution of stablecoins on public blockchains such as Ethereum, aiming for commercialization from April to June 2024. made it This initiative is a collaboration between Mitsubishi UFJ Trust and Banking and TOKI, which provides a cross-chain bridge for the global market.

Mr. Tomohiro Kimura, Director and Managing Executive Officer of Mitsubishi UFJ Trust and Banking Corporation, said as follows.

The digital asset market is expected to expand in the future, and Mitsubishi UFJ Trust and Banking has launched and promoted “Progmat” for such a future. When considering the future of digital assets, multi-chain deployment and cross-chain transactions are essential. We are pleased to have invested in Datachain, which has unique expertise in such an important technology area, and to have a deeper relationship as a shareholder in the future. We will do our best to bring about major changes in the digital asset market.

connection:Three companies, including Mitsubishi UFJ Trust and Banking, to build a stablecoin cross-chain platform

Efforts utilizing cross-chain technology

According to a joint report by BCG and ADDX, the digital asset market alone is expected to grow to a minimum of $16.1 trillion and a maximum of $68 trillion by 2030. The stablecoin and crypto-asset (virtual currency) markets are also expected to grow in the same way, and the overall digital asset market is expected to expand further in the future.

Datachain and Mitsubishi UFJ Trust and Banking have also worked together to commercialize various initiatives that utilize security tokens (digital securities) and cross-chain technology.

In particular, they aim to realize cross-chain settlement of digital securities using stablecoins within 2024. To achieve this goal, we plan to further deepen cooperation with related securities companies.

Stablecoins are created using blockchain technology and are designed to maintain price stability based on the underlying assets. In the global market, USDCoin (USDC) and Tether (USDT), which are linked to the US dollar, have become mainstream and have been used as payment methods for virtual currency transactions and NFT (non-fungible token) transactions. In the future, it is expected to expand its use for international remittances and online shopping.

In Japan, due to the enforcement of the revised Payment Services Act on June 1, 2023, it became possible to issue stablecoins backed by legal tender. Last week, Mitsubishi UFJ Trust and Banking’s digital asset business office product manager Tatsuya Saito revealed that they were in the process of coordinating with external partners to issue stablecoins for the global market.

What is Web3

The current centralized web is defined as Web 2.0, and refers to an attempt to realize a non-centralized network using blockchain. A typical feature is the use case of decentralized networks such as blockchain, such as access to dApps using virtual currency wallets.

Cryptocurrency Glossary