TOKI and Noble will collaborate with Mitsubishi UFJ Trust and Banking on the Progmat project to bring stablecoins into Cosmos.

TOKI and Noble will work with Mitsubishi UFJ Trust and Banking on the Progmat project to introduce stablecoins to Cosmos.

According to Blockworks, TOKI, as a cross-chain bridge provider and partner of Progmat, will collaborate with token issuance protocol Noble to bring fully collateralized Japanese stablecoins into the Cosmos ecosystem. Progmat is a project initiated by MUFG Trust Bank, Japan’s largest bank, with the support of over 200 Japanese enterprises including major banks such as SMBC and Mizuho. Japan Exchange Group (JPX) is also involved in the project. Motoki Yoshida, Marketing Manager at TOKI, stated that Progmat is currently building a platform that allows banks and regulated financial institutions to issue their own stablecoins, “The basic architecture involves interested financial institutions depositing an equivalent amount of fiat currency with MUFG’s trust bank to issue an equivalent amount of stablecoins through Progmat. The trust bank’s funds are segregated in case of bankruptcy, making it possibly the safest stablecoin for use in public blockchains.”

Reference: https://blockworks.co/news/jaBlockingn-stablecoins-to-cosmos

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