A large consortium led by Japan's MUFG is developing standards for securities-based token management.

Mitsubishi UFJ Financial Group (MUFG, Japan's largest financial group) is leading a research consortium of 22 member companies to develop standards for securities-based token management. It is reported that the alliance includes securities issuers, brokers and technology companies, including NTT Docomo Inc. and KDDI Corp., two of Japan's largest telecommunications companies. In addition, the consortium is seeking ways to develop and provide financial transaction services using blockchain, such as automatic settlement of securities and funds, and plans to develop a dedicated securities token blockchain called “Progmat” to provide a managed security. A platform for assetization. The consortium will also apply for a Japanese patent on the infrastructure and organizational structure for managing securities-based tokens.