MUFG Completes Cross-Industry Experiment Using Stable Currency to Settle Digital Securities

04/27/2023 11:34 • Crypto & Markets • 66 views

According to reports, Japan’s largest bank, Mitsubishi UFJ Financial Group (MUFG), has completed a cross industry experiment using stable currency to settle digital securities. The bank has spent several years developing the digital securities infrastructure Progmat, a key requirement being the ability to settle through stable currency. Therefore, MUFG has developed Progmat Coin as an infrastructure to support stable currencies from multiple regulated issuers.

MUFG completes the interoperability settlement test of Progmat Coin stable currency blockchain

In recent news, Japan’s largest bank, Mitsubishi UFJ Financial Group (MUFG), has completed a cross-industry experiment using stable currency to settle digital securities. The bank has spent several years developing the digital securities infrastructure Progmat, a key requirement being the ability to settle through stable currency. Therefore, MUFG has developed Progmat Coin as an infrastructure to support stable currencies from multiple regulated issuers.

What is Stable Currency?

Before delving into what MUFG has accomplished, let’s first define what stable currency is. Stable currency is a type of digital currency that is meant to have a stable value. It is designed to maintain a constant value against a reference currency, such as the U.S dollar, and can be used as a means of exchange or a store of value. Stable currencies are crucial in the world of cryptocurrency, as they help mitigate the volatility that is typically associated with other types of digital currency.

The Benefits of Stable Currency

One of the key benefits of stable currency is that it can provide stability in markets that are prone to volatility. This can be particularly attractive to investors who are looking for a stable form of investment that is not subject to sudden price swings. Stable currency can also be used as a means of payment for goods and services, as it can eliminate the need to exchange one currency for another, thereby reducing transaction costs.

The Digital Securities Infrastructure Progmat

The digital securities infrastructure Progmat is a platform that allows for digital securities to be issued and traded on a blockchain network. The platform is designed to be scalable and flexible, and can accommodate a wide range of digital assets, such as stocks, bonds, and commodities. One of the key requirements for Progmat was the ability to settle transactions using stable currency.

Progmat Coin

MUFG has developed Progmat Coin as an infrastructure to support stable currencies from multiple regulated issuers. Progmat Coin is designed to allow for seamless settlement of digital securities using stable currency. What this means is that when a digital security is traded on Progmat, the settlement of that transaction can be done using stable currency. This can help reduce settlement times and increase efficiency in the market.

Cross-Industry Experiment

MUFG’s cross-industry experiment using stable currency to settle digital securities involved partnering with a technology firm and a trading company. The experiment was conducted on the Progmat platform, and involved the issuance and trading of digital securities using stable currency. The results of the experiment were positive, indicating that stable currency can be an effective means of settling digital securities transactions.

Conclusion

MUFG’s completion of a cross-industry experiment using stable currency to settle digital securities is a significant step in the world of cryptocurrency. The ability to settle transactions using stable currency can provide stability and efficiency in markets that are prone to volatility. Progmat and Progmat Coin are innovative platforms that have the potential to revolutionize the way digital securities are traded.

FAQs

1. What is stable currency?
Stable currency is a type of digital currency that is designed to maintain a stable value against a reference currency, such as the U.S. dollar.
2. What is Progmat?
Progmat is a digital securities infrastructure that allows for the issuance and trading of digital assets on a blockchain network.
3. What is Progmat Coin?
Progmat Coin is an infrastructure developed by MUFG to support stable currencies from multiple regulated issuers, which allows for seamless settlement of digital securities using stable currency.

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