MUFG bank to launch a Japanese stablecoin in 2019

Wednesday 10 April 2019 00:33 CET | News

Cointelegraph has announced that Mitsubishi UFJ Financial Group (MUFG) is planning to make its Japanese yen-pegged stablecoin MUFG Coin available to the public.

The launch is meant to occur in 2019. Cointelegraph reports that since 2017, approximately 1,500 employees have taken part in MUFG Coin trials. However, for 2019, the company is planning to test the stablecoin with 100,000 account holders.

This means that the bank’s customers will be able to convert their bank deposits into MUFG Coin with MUFG’s app. Moreover, the testing period should be followed by implementation, but it is not clear when exactly that would take place. However, when MUFG Coin becomes available to the public, users will be allowed to use the currency to make payments in places such as restaurants, convenience stores, and other shops, as well as to transfer the currency to other participants’ accounts.

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Keywords: Japan, MUFG, bank, launch, stablecoin, payments , cryptocurrency, YEN, currency, Transfer, transactions
Countries: World