Japan's largest bank, MUFG, has concluded a cross-blockchain trial to settle digital securities using a stablecoin, with DataChain as the interoperability tech provider. This is part of MUFG's development of Progmat, a blockchain infrastructure for digital securities, which requires settlement through stablecoins. The bank developed Progmat Coin to support stablecoins from multiple regulated issuers. The trial used a stablecoin issued on the Progmat Coin infrastructure based on R3's Corda enterprise blockchain to pay for a security on a GoQuorum permissioned blockchain. The solution addressed three key requirements: avoiding the need for a trusted third party for interoperability, settling different types of transactions, and sidestepping the need for another network for interoperability.
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Japan’s Largest Bank MUFG Completes Blockchain Interoperability Settlement Trial for Progmat Coin Stablecoin
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We are grateful for the opportunity to provide feedback on the FCA's discussion paper on stablecoins regulation. The response herewith is informed by our extensive risk assessment of USDM, a regulated Real-World Asset (RWA) token backed by short-term U.S. Treasuries, and asset overview of USDY, a tokenized note anchored by U.S. Treasuries and bank deposits. Additionally, our insights are aligned with the recent S&P Stability Assessments of centralized stablecoins, reflecting our commitment to maintaining the highest standards of safety and compliance in this evolving market.
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