BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

Japan’s Top Bank and Binance Dive into Stablecoin Exploration

BlockNews Team by BlockNews Team
September 28, 2023
in BUSINESS, CRYPTO, FINANCE
Reading Time: 3 mins read
1
SHARES
11
VIEWS
Share on XShare in TelegramShare on Reddit
  • Binance collaborates with Japan’s leading bank, Mitsubishi UFJ Trust and Banking Corporation, to explore stablecoin opportunities.
  • Recent legislative changes in Japan allow for the integration of stablecoins within the banking system and crypto establishments.
  • Tatsuya Saito of MUTB projects Japan’s stablecoin market might surge to around $34 billion, nearly 27% of the worldwide estimate.

After recent legislative changes, the path is now clear for banks and certified cryptocurrency companies in Japan to launch stablecoins. Leading the charge, Binance, a renowned cryptocurrency exchange, and Mitsubishi UFJ Trust and Banking Corporation (MUTB), one of Japan’s most respected banks, have unveiled their collaborative research project. The announcement, made on September 25, 2023, highlighted the combined effort to establish stablecoins backed by traditional currencies, such as the Japanese yen. The partnership strives to accelerate the adoption of the Web3 protocol across Japan, with the Progmat Coin platform by MUTB playing a key role.

The enhanced Payments Services Act, updated in June, is the catalyst for this new era of financial technology in Japan. Taking a proactive approach, MUTB has already upgraded its Progmat Coin platform, making it compatible for the production of stablecoins on various frameworks, like Ethereum, Polygon, BNB Chain, Avalanche, and Cosmos.

Takeshi Chino, a key representative from Binance Japan, spoke about the immense potential stablecoins bring to the global financial landscape. He highlighted their role in enabling efficient and instant international trade settlements for businesses. Chino also emphasized the benefit for individual investors, simplifying their crypto dealings.

Tatsuya Saito, product vice president at MUTB, hinted at the vast potential of Japan’s stablecoin market. He projects its worth could rise to around $34 billion, making up almost 27% of the global market’s current value of $123.7 billion, as per CoinGecko statistics.

Previously, in August 2023, Binance marked its entry into the Japanese market by offering 34 tokens, even while navigating regulatory hurdles in other parts of the world.

In a similar development, Orix Bank of Japan is believed to be mulling over the launch of its own stablecoins. Their initial experiments are set to be centered around the yen and the U.S. dollar, eyeing a 2024 introduction. These stablecoins would be anchored to traditional currency deposits and supported by the Japan Open Chain blockchain, an innovation from Tokyo-based G.U. Technologies and its partners.

Japan Embraces Crypto in 2023

Japan’s approach to cryptocurrency has seen a shift in 2023, with the nation displaying a warmer embrace toward the digital asset industry. Regulatory changes emphasizing financial technology have been prominent, reflecting Japan’s interest in the growing sector and potential benefits it might bring.

One significant pointer to this favorable shift is the plan by Binance, a leading crypto exchange worldwide, to introduce stablecoins tied to major currencies such as the dollar, euro, and yen in the coming year. Furthermore, in a move encouraging the tech startup ecosystem, the Japanese government has eased financing restrictions. 

Investment funds now have the liberty to offer financial backing using cryptocurrency assets, alongside the conventional stock options, expanding the horizons for young businesses in the country.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BinanceJapanMUTBStablecoin
TweetShareShare
BlockNews Team

BlockNews Team

DON'T MISS THESE! HOT OFF THE PRESS

Dogecoin Price Prediction: Can DOGE Break the $0.29 Resistance to Trigger a Rally Toward $0.35?
CRYPTO

Dogecoin Price Prediction: Can DOGE Break the $0.29 Resistance to Trigger a Rally Toward $0.35?

September 15, 2025
ADA Price Forecast 2025: Can Cardano Break $0.90 and Target the $1 Mark?
CARDANO

ADA Price Forecast 2025: Can Cardano Break $0.90 and Target the $1 Mark?

September 15, 2025
Solana Price Outlook 2025: From 60% Crash to 132% Recovery, DeFi Growth and ETF Buzz
CRYPTO

Solana Price Outlook 2025: From 60% Crash to 132% Recovery, DeFi Growth and ETF Buzz

September 15, 2025
Solana Price Pushes Into $250 Resistance as Cup-and-Handle Pattern Forms
CRYPTO

Solana Price Pushes Into $250 Resistance as Cup-and-Handle Pattern Forms

September 15, 2025
XRP Whales Dump 160 Million Tokens, Price Faces Overbought Warning
CRYPTO

XRP Whales Dump 160 Million Tokens, Price Faces Overbought Warning

September 15, 2025
XRP Utility Gains Spotlight as Institutions Accumulate and Ripple Seeks Banking License
CRYPTO

XRP Utility Gains Spotlight as Institutions Accumulate and Ripple Seeks Banking License

September 15, 2025
Load More

Related News

Dogecoin Price Prediction: Can DOGE Break the $0.29 Resistance to Trigger a Rally Toward $0.35?

Dogecoin Price Prediction: Can DOGE Break the $0.29 Resistance to Trigger a Rally Toward $0.35?

September 15, 2025
ADA Price Forecast 2025: Can Cardano Break $0.90 and Target the $1 Mark?

ADA Price Forecast 2025: Can Cardano Break $0.90 and Target the $1 Mark?

September 15, 2025
Solana Price Outlook 2025: From 60% Crash to 132% Recovery, DeFi Growth and ETF Buzz

Solana Price Outlook 2025: From 60% Crash to 132% Recovery, DeFi Growth and ETF Buzz

September 15, 2025
Solana Price Pushes Into $250 Resistance as Cup-and-Handle Pattern Forms

Solana Price Pushes Into $250 Resistance as Cup-and-Handle Pattern Forms

September 15, 2025
XRP Whales Dump 160 Million Tokens, Price Faces Overbought Warning

XRP Whales Dump 160 Million Tokens, Price Faces Overbought Warning

September 15, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews is your premier source for real-time cryptocurrency, blockchain, political and financial market news.

Stay ahead of the herd with BlockNews

RESOURCES

  • About Us
  • Contact Us
  • Editorial Policies
  • Terms and Conditions
  • Privacy Policy
  • Sitemap

DISCLOSURES AND POLICIES

BlockNews provides independent reporting on crypto, blockchain, and digital finance. Content is for informational purposes only and does not constitute financial advice. Sponsored material is always disclosed. By using this site, you agree to our Terms and Conditions and Privacy Policy.

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews