According to PANews news on June 23, according to Bloomberg News, Mitsubishi UFJ Financial Group (MUFG), Japan's largest financial group, is negotiating with stablecoin issuers to issue stablecoins through its blockchain platform. Tatsuya Saito, vice president of MUFG products, said in an interview that MUFG envisages using the blockchain platform Progmat to issue security tokens for third parties, and currently has no plans for its own stable currency. The bank is discussing stablecoin projects with entertainment companies, other non-financial businesses and various Japanese financial institutions. It also stated that overseas financial groups are conducting consultations, and Japan may become a global center for stablecoin issuance.

Japan’s largest bank, Mitsubishi UFJ, is in talks with the business behind the popular global stablecoin and others about issuing such tokens through the bank’s blockchain platform, Kim Ten reported on June 23. Japan's stablecoin law, one of the first legislation in a major economy, came into effect on June 1, which effectively means that only licensed banks and related financial companies in the country can issue tokens. Tatsuya Saito, vice president of products at Mitsubishi UFJ, said the bank is in discussions with multiple parties to use its blockchain platform Progmat to create stablecoins pegged to foreign currencies, including the U.S. dollar, for global use. He said that now that Japan’s legislation is in effect, issuers and users will have a sense of security when using stablecoins. However, he declined to say which stablecoin parties he is negotiating with.