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Binance Japan Jointly Works with Mitsubishi to Survey and Create a Stablecoin

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According to a statement disclosed yesterday, September 26, MUTB (Mitsubishi UFJ Trust and Banking Corporation) and Binance Japan have joined forces to study and develop a new stablecoin.

The new stablecoin is attached to legal currencies comprising the Japanese yen and other foreign currencies like the US dollar.

A remarkable event has occurred again in the cryptocurrency sector.

READ ALSO:Hong Kong Financial Regulators Will Likely Sue JPEX Bad Actors

Amid all the ragging regulatory issues in the United States, Binance still went forward to improve its engagement with other regulatory jurisdictions, which includes Belgium and Japan.

The world’s largest crypto exchange by trading volume, Binance is at present collaborating with a sector of the Mitsubishi UFJ (NYSE: MUFG) Trust and Banking Corporation to thoroughly explore the development of a new stablecoin that is pegged to fiat currencies.

Quick Takes

  • As a part of this latest partnership, the new stablecoin will be created on the Progmat platform, an initiative Mitsubishi backs to deliver innovative financial solutions.
  • This collaboration between Binance and MUTB aims to study and push for mass adoption of Web3 and foster a successful Web3 ecosystem in the country.
  • This financial solution will be provided, including issuing stablecoins, utility tokens, and security.
  • Previously, in August this year, Binance Japan was launched with up to 34 tokens, which are higher than the tokens operated by other crypto exchanges in Japan.
  • The Binance branch in Japan is currently working towards applying for more licenses to enable them to provide additional services in the country and match the international Binance offerings.
  • If Binance succeeds, the issuing of the stablecoin will become a reality. Moreover, the move can work as a catalyst for more Web3 technologies adoption.

What’s Happening In Crypto Today?

At the time of this writing, Bitcoin sells at $26,418.64, with an increase in market cap by 0.68% and a drop in trading volume by 22.45%.

On the side of Ethereum, its current price is at $1,614.62, with an increase in market cap by 1.68% and an increase in trading volume by 3.43%.

  • Meanwhile, Dogecoin is currently trading at $0.06094, with an increase in market cap by 0.37% and an increase in trading volume by 54.06%.
  • On the side of Solana, its current price is at $19.20, with a decline in market cap by 0.62% and a drop in trading volume by 4.63%.
  • TRON is currently trading at $0.08543, with an increase in market cap by 0.66% and an increase in trading volume by 1.22%.
  • Toncoin is selling at $2.13, with a decline in market cap by 0.68% and an increase in trading volume by 4.95%.
  • On the other hand, Dai now sells at $0.9998, with an increase in market cap by 0.03% and a fall in trading volume by 14.81%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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