Japan's largest financial group Mitsubishi UFJ intends to release its own stablecoin by the end of this year.
President and CEO of MUFGHironori Kamezawa said the bank plans to launch the project in the second half of 2020. The digital currency will be used to pay for retail purchases through a mobile app, he said.
The bank will be helped in implementing the project by its partner Recruit Group and 1 million stores that have already agreed to cooperate and freely accept the MUFG token. In the future, the company plansinterest other retail chains as well.
Mitsubishi UFJ started work on stablecoin,pegged 1: 1 to the Japanese yen, back in 2015, but postponed the launch several times. Earlier, the bank's representatives reported that the future blockchain-based network will be able to process more than 1 million transactions per second, as well as interact with the Internet of Things and cloud services.
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