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Japan’s Largest Financial Institution Allegedly Planning To Issue Its Own Stablecoin

Mitsubishi UFJ Financial Group, the largest financial institution of Japan, is allegedly mulling over releasing its own stablecoin dubbed the MUFG token.

Notably, Mitsubishi UFJ Financial Group is the 5th largest bank in the world. The establishment is reportedly planning to release the stablecoin by 2nd half of 2020.

The virtual currency project was started back in 2015 and premeditated to run on a blockchain network and enable prompt P2P transactions. Subsequent to several postponements, the initiative is now planned to be rolled out in the second half of 2020.

The president and CEO at MUFG, Hironori Kamezawa declared the new plans on Monday to the Mainichi Shimbun, a local news agency. As part of the upcoming launch, MUFG is purportedly preparing to unveil mobile retail payments powered by the CBDC in partnership with its partner, the Recruit Group.

As per the report, Kamezawa mentioned that approximately one million Recruit member stores have already signed up for this partnership. The CEO said,

“We think that everyone will be able to use it openly.”

He further added that MUFG token will be obtainable to non-Recruit stores in future as well.

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