Binance Partners with MUFG to Develop Stablecoins in Japan

     Japanese arm of Binance and Japan's largest financial group, Mitsubishi UFJ Financial Group (MUFG), have jointly announced plans to create stablecoins.

Stablecoin Friendly Regulation Created the Partnership

     Japanese regulations are more crypto friendly than US regulations; however, there was a ban on foreign firms. Now the global development of the blockchain economy led to a change this year when Japanese Prime Minister Fumio Kishida adopted a rule that is conducive to Web3 and digital banking for the stablecoins.

MUFG Stronghold is Partnership

     Binance is globally established, and MUFG is trying to spread its assets globally. In 2021 MUFG partnered with Coinbase to make Japan a crypto hub. Recently MUFG's Progmat platform planned a digital asset launcher called Progmat Coin, and also made deal with blockchain tech firms Datachain and Toki.

 Binance is Supporting for Liquidity

     People may be sceptical that with so many stablecoins out there, one should try to save existing cryptos instead of issuing new ones, but CZ has assured that stablecoins are essential for providing liquidity to cryptos that are at war with bears.

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