In a strategic move to fortify its comeback, Binance, the world’s largest crypto exchange, is setting its sights on expanding its footprint into the Japanese market with the launch of stablecoins pegged to the dollar, euro, and yen. This endeavor is being spearheaded by its local subsidiary, Binance Japan Inc., in collaboration with Mitsubishi UFJ Financial Group’s trust banking arm.
The ambitious plan includes the introduction of these three stablecoin variants, with a roadmap that envisions the addition of more tokens in 2024. The collaborative journey between these two entities has already commenced, marked by joint exploration and in-depth studies, a development reaffirmed by Takeshi Chino, the general manager of the trust banking unit, in an official statement. The overarching objective of this partnership is nothing short of accelerating the adoption of cutting-edge Web3 technologies within the Japanese landscape.
To bring this vision to fruition, the dynamic duo intends to harness the capabilities of a platform known as “Progmat Coin.” This platform has been meticulously crafted to align with the stringent regulatory standards governing stablecoin issuance and management within Japan. It’s worth noting that the visionary Japanese bank, Mitsubishi UFJ Trust and Banking Corporation [MUTB], which boasts the distinction of being the world’s largest by assets, is spearheading the development of the “Progmat Coin” platform.
Binance Boosting Its Comeback
This platform, in essence, serves as the bedrock infrastructure for the issuance of stablecoins, meticulously tailored to adhere to the guidelines delineated in Japan’s recently revised and enforced Payments Services Act. While the “Progmat Coin” platform presently extends support for stablecoin issuance on the Ethereum network, it harbors the potential for expansion to encompass the BNB Chain, a prospect propelled by Binance’s strategic partnership. Binance has emphasized this promising dimension in its official statement, underlining its commitment to innovation and scalability.
In a noteworthy development that underscores Binance’s resurgence, the exchange recently revealed plans to feature 34 tokens, including leading cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], Cardano [ADA], and its native coin, BNB, in the Japanese market. This move marked a significant milestone as Binance made a triumphant return to Japan after a hiatus prompted by a warning from the Financial Services Agency [FSA] two years earlier, cautioning the exchange about its allegedly illegal operations. This reentry signals Binance’s determination to navigate the complex regulatory landscape while delivering innovative solutions to the Japanese crypto community.