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Mitsubishi UFJ Trust is optimistic about bringing about an immediate settlement of securities transactions via blockchain for trading and a cryptocurrency for payment.
Source: Nikkei Asia
Mitsubishi UFJ Financial Group up +2.01%
The new digital currency set to be issued by the Japanese bank is stablecoin linked to the value of the Japanese yen. This crypto will help the bank to streamline and accelerate its settlement process.
Banks are projected to be allowed to issue stablecoin in Japan under revised legislation set to take effect in the spring of next year.
Settlement of securities transactions by regulator currency takes a number of days now and costs millions of dollars per year in Japan. The use of stablecoin is projected to eliminate such expenses.
It is also hopeful that the program will promote the use of blockchain technology in securities trading. The Japanese trust bank has been pushing the use of blockchain technology securities in partnership with SBI and Daiwa Securities.
The market for digital securities in the United States has already hit nearly $100 billion.
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