Japanese banks are planning to launch Yen-pegged stablecoins on public blockchains using Megabank Mitsubishi UFJ Financial Group's (MUFG) stablecoin issuance platform, Progmat Coin. The move comes after new regulations were introduced in June 2022, prohibiting the issuance of stablecoins by non-banking institutions. MUFG's Progmat Coin will facilitate the issuance of bank-backed stablecoins on Ethereum, Polygon, Avalanche, and Cosmos, with more networks to be added in the future. The bank's blockchain tech and security partners are building a bridge to enable cross-chain transactions, lending, and swaps between the supported blockchains, with the infrastructure expected to launch in Q2 2023.

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