Japanese MUFG bank to launch a stablecoin this year

One of the world’s largest banks—Mitsubishi UFJ Financial Group—is planning to make its Japanese yen-pegged stablecoin MUFG Coin available to the general public this year, Cointelegraph writes. Cointelegraph reports that since 2017, approximately 1,500 employees have taken part in MUFG Coin trials. This year, the company is planning to test the stablecoin with 100,000 account holders.

The bank’s customers will be able to convert their bank deposits into MUFG Coin with MUFG’s app. The testing period should be followed by implementation. However, MUFG president Kanetsugu Mike did not say exactly when that would take place. When MUFG Coin becomes available to the public, users “will be able to use the currency to make payments at places like restaurants, convenience stores and other shops” and “transfer the currency to other participants’ accounts,” Mike said.