Binance Japan, Mitsubishi UFJ to produce stablecoins

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Binance Japan, Mitsubishi UFJ to produce stablecoins

Binance Japan and Mitsubishi UFJ Trust and Banking Corporation, the biggest banking group in Japan, and Mitsubishi UFJ Trust and Banking Corporation, the Japanese arm of the world's largest cryptocurrency exchange, are working together to produce fiat-pegged stablecoins.

Chino explained the situation: 'It's very important for me to know,' said Chino.

In a bid to revive Japan's economy, Prime Minister Fumio Kishida, who has been in power since late 2021, recommends digital finance and Web3 adoption in Japan to restore the economy in what he has called 'new capitalism'. The latest wave of technology advancements utilizing blockchain technology, which encompasses cryptocurrencies, NFTs, and the metaverse, is known as Web3.

Binance Japan launched BNB with 34 tokens and it was launched in the country.