According to the news of AsiaNikkei, Mitsubishi UFJ Trust, the largest bank in terms of assets in Tokyo-based Japan, will integrate its fixed crypto asset into its payment system. The bank, which manages approximately 1.5 billion assets with crypto assets that will be pegged to the Japanese yen, is expected to start active operations with cryptocurrencies.
Due to the high transaction fees and the 2 days to complete securities transactions in Japan, the bank aims to carry out securities transactions through its own crypto asset. Thus, the bank aims to make payment processes more efficient and cost-effective.
The Bank of Japan announced last year that it has started working on a central bank digital currency (CBDC). Although China has implemented the digital yuan so far, Japan prefers to act more cautiously in this process.
In addition, 70 financial institutions consisting of the country's largest banks, along with the Mitsubishi UFJ Trust, which announced its intention to launch its own cryptocurrency in November last year, launched a common yen-based currency called DCJPY.
It is aimed to further increase the use of Blockchain in securities trading with studies on fixed crypto assets in the Far East country. It was announced last month that a stablecoin pegged to the bottom of Mitsui Group would be issued. It is said that the cryptocurrency called ZipangCoin (ZPG) can be traded on major cryptocurrency exchanges.
The Mitsui stablecoin will be tied to the gold price on the London Metal Exchange. The value of the ZPG token will be equal to one gram of gold and its payment will be guaranteed by Sumitomo Mitsui Banking.
Japan intends to impose strict regulations, especially on fixed crypto assets. Therefore, the Mitsubishi UFJ Trust token, which is expected to be released in 2023, is expected to undergo serious regulatory review before starting its use.