- MUFG Coin to be used for retail purchases
- The largest Japanese Bank will put stable coins to practical use
- Stable coins are becoming more popular outside the crypto space
Mitsubishi financial group has announced that they will be introducing ‘MUFG’ coin this year. The rollout was revealed by newly appointed president Kanetsugu Mike. The token has been under development since 2016 when it was initially conceptualized and has been developed in an effort to introduce the benefits of blockchain technology to payment methods.
MUFG coin aimed at retail market
The MUFG coin is intended for retail purchases like making payments in a convenient store or a restaurant. It will also be transferable among users. Token users can download an app that will automatically convert the money in their accounts into the stable coin, they can then pay for goods and services or even transfer the token to other users.
Largest Japanese bank pushing adoption
Mitsubishi prides itself to be the largest financial group in Japan and upon the rollout will become the first Japanese bank to issue a virtual currency. The stable coin is pegged to the Japanese yen on a 1:1 basis.
With this technology, businesses can now access customers’ data without violating their privacy.
Stable coins are a great invention in the cryptocurrency space and quite a number of them have been launched or plans for their launch are underway. MUFG being a Japanese bank on the way to introduce a stable coin further shows how positive Japan is towards embracing cryptocurrency.