Mitsubishi UFJ Trust Bank, Progmat, Inc., STANDAGE Co., Ltd., and Ginco Co., Ltd. are jointly considering using stablecoins for trade settlement.
They plan to create Japan’s first use case for trade settlement using domestic stablecoins within 2024. The experiment will utilize STANDAGE’s trade payment system and stablecoins based on permissionless blockchains for transfers. Mitsubishi UFJ Trust Bank will be responsible for the trust business of the stablecoin, while Ginco will provide corporate wallets and participate in its joint development. The project aims to solve payment problems in trade in emerging countries, improve trust and reduce transaction costs through blockchain technology. (coinpost)