Mitsubishi UFJ Trust Bank is conducting a pilot study on the interoperability of yen stabilized currencies

It is reported that Mitsubishi UFJ Trust Bank, Japan’s largest trust bank, announced that it is establishing cooperation with Datachain and Soramitsu to smoothly realize the mutual transfer and exchange of various stable currencies scheduled to be issued in Japan, and to improve the efficiency and reduce costs of remittance between banks, companies, and individuals. The plan will conduct a demonstration experiment of “PVP payment”, which means simultaneous payment between different digital currencies on heterogeneous blockchain platforms. This cooperation will involve Progmat Coin, a stable currency platform owned by Mitsubishi UFJ Financial Group, and the regional digital currency issued by Soramitsu for the use of Hyperledger Iroha.

Mitsubishi UFJ Trust Bank is conducting a pilot study on the interoperability of yen stabilized currencies

I. Introduction
A. Explanation of Mitsubishi UFJ Trust Bank’s announcement
II. Background on Datachain, Soramitsu, and Stable Currencies in Japan
A. Overview of Datachain and Soramitsu
B. Explanation of stable currencies in Japan
III. Plans to Realize Mutual Transfer and Exchange of Stable Currencies in Japan
A. Details on PVP payment
B. Benefits of improved efficiency and reduced costs of remittance
IV. Mitsubishi UFJ Trust Bank’s Involvement
A. Information on Progmat Coin
B. Partnership with Soramitsu for regional digital currency use
V. Conclusion
A. Recap of key points
VI. FAQ
A. What are stable currencies?
B. How will this cooperation benefit individuals and companies in Japan?
C. What is Hyperledger Iroha?
# Article:
**Mitsubishi UFJ Trust Bank Announces Partnership with Datachain and Soramitsu for Stable Currencies in Japan**
Mitsubishi UFJ Trust Bank, Japan’s largest trust bank, has announced a partnership with Datachain and Soramitsu to facilitate the mutual transfer and exchange of various stable currencies in Japan. This partnership also seeks to improve the efficiency and reduce the cost of remittance between banks, companies, and individuals.

Background on Datachain, Soramitsu, and Stable Currencies in Japan

Datachain and Soramitsu are both blockchain technology companies located in Japan. They specialize in providing secure and transparent data management solutions for various industries, including finance. Stable currencies are a type of cryptocurrency that are designed to maintain a stable value against a specific asset or basket of assets, thus reducing volatility in the market.

Plans to Realize Mutual Transfer and Exchange of Stable Currencies in Japan

To achieve the goal of mutually transferring and exchanging various stable currencies, the partnership will conduct a demonstration experiment of “PVP payment” which involves simultaneous payment between different digital currencies on heterogeneous blockchain platforms. This will make it easier and more convenient for individuals and companies to transfer and exchange stable currencies.
The benefits of this cooperation are significant. First, it will improve the efficiency of remittances by streamlining the process and reducing the time it takes to complete a transaction. Second, it will reduce costs associated with remittance by eliminating the need for costly intermediaries. Finally, the partnership will make it easier for individuals and companies to access stable currencies, making them a more viable option for everyday use.

Mitsubishi UFJ Trust Bank’s Involvement

Mitsubishi UFJ Trust Bank is a key partner in this cooperation. They own Progmat Coin, a stable currency platform. Through this partnership, they will work with Soramitsu to create a regional digital currency for use with Hyperledger Iroha, Soramitsu’s blockchain platform. The ultimate goal is to make it easier for individuals and companies to use stable currencies for everyday transactions.

Conclusion

In conclusion, the partnership between Mitsubishi UFJ Trust Bank, Datachain, and Soramitsu is a promising development for stable currencies in Japan. The plan to conduct a demonstration experiment of “PVP payment” will improve efficiency and reduce costs for remittance services, making it easier for individuals and companies to access stable currencies. The involvement of Mitsubishi UFJ Trust Bank will be crucial in realizing this goal.

FAQ

1. What are stable currencies?
Stable currencies are a type of cryptocurrency that are designed to maintain a stable value against a specific asset or basket of assets, thus reducing volatility in the market.
2. How will this cooperation benefit individuals and companies in Japan?
This cooperation will make it easier and more convenient for individuals and companies to transfer and exchange stable currencies. It will improve the efficiency of remittances by streamlining the process and reducing the time it takes to complete a transaction. It will also reduce costs associated with remittance by eliminating the need for costly intermediaries.
3. What is Hyperledger Iroha?
Hyperledger Iroha is a blockchain platform developed by Soramitsu that provides a secure and transparent data management solution for various industries, including finance.