The fifth largest in the world and the largest bank in Japan, Mitsubishi UFJ Financial Group (MUFG), announced plans to launch its own cryptocurrency by the end of this year. Thus, MUFG will be the first Japanese bank to issue its own stablecoin, according to Cointelegraph.
The coin will be tied to 1: 1 Japanese yen. The main focus of the developers made on the practical use of cryptocurrency and its functionality - users can exchange Fiat for MUFG Coin instantly through the application.
It is also reported that about 1,500 bank employees have already taken part in testing the new cryptocurrency. The beginning of the pilot tests of the coin became known in 2017, but then it was positioned as a digital currency for the company's internal operations.
In February MUFG announced the launch of the payment blockchain platform Global Open Network