Japan's Binance Japan, Mitsubishi UFJ Trust and Bank Corporation join hands

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Japan's Binance Japan, Mitsubishi UFJ Trust and Bank Corporation join hands

Binance Japan, the Japanese arm of Mitsubishi UFJ Trust and Banking Corporation, and Mitsubishi UFJ Trust and Banking Corporation are collaborating on the issuance of fiat-pegged stablecoins, the two companies said in a joint press release Tuesday.

Chino explained that: ''It's a matter of time for us to work together,'' he said.

In Japan, Fumio Kishida, who has been President since late 2021, is supporting digital finance and Web3 adoption to restore the economy in what he calls 'new capitalism'. The latest wave of technology advancements utilizing blockchain technology, known as cryptocurrencies, NFTs and the metaverse, is known as Web3.

Binance Japan has launched a new currency, BNB, with 34 tokens, which will be available in the country by the end of the year.