Binance has partnered with Mitsubishi to issue a new stablecoin

Binance has partnered with Mitsubishi UFJ Trust and Banking Corporation (MUTB), Japan’s largest bank, to launch a new stablecoin in Japan.

The partnership will use the “Progmat Coin” platform, which is led by Mitsubishi’s trust bank for stablecoin issuance and management, thus various brands of stablecoins based on the Progmat Coin platform will be available for issuance and circulation as soon as the intermediaries are in place, aiming to accelerate Web3 adoption.

Progmat is a project focused on transforming various forms of value into digital assets and seamlessly connecting society through their programmable networks.

Conceived and launched by Mitsubishi UFJ Trust and Banking, the project has become a significant influence in the Japanese financial landscape. Over 200 companies are involved, including Japan Exchange Group (JPX) and major Japanese banks like SMBC and Mizuho.

I think the partnership between Binance and MUTB is significant because it brings together two major players in the cryptocurrency and traditional finance industries.

Please let me know what you think.