Mitsubishi UFJ Trust Is Planning To Launch A Cryptocurrency For Trading Purposes.

According to Nikkei, Mitsubishi UFJ Trust intends to achieve fast resolution of trading activities by utilizing blockchain for trading and a cryptocurrency for payment.

The new digital currency that the Mitsubishi UFJ Trust will launch is a type of stablecoin that is linked to the value of the Japanese yen. Because it is instant, this crytocurrency will allow banks to simplify and speed its settlement process.

Banks in Japan are projected to be authorized to create stablecoins under a new rule that will go into effect in the spring of next year.

Securities transactions in ordinary currency now take a few days to settle and cost tens of millions of dollars every year in Japan. Such expenditures are intended to be eliminated by the adoption of stablecoin.

It is also envisaged that the project would encourage the adoption of blockchain technology in the trading of equities. In collaboration with SBI and Daiwa Securities, the Japanese trust bank has been advocating the usage of blockchain-based securities.

Digital securities offer for more versatile investment. For example, blockchain technology has transformed generally illiquid assets like as corporate bonds and real estate into goods that can be acquired in tiny quantities, making retail investing possible.

In the United States, the market for digital securities has already exceeded $100 billion.

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