Mitsubishi UFJ and other Japanese companies are considering using stablecoins for trade settlement

Mitsubishi UFJ Trust and Banking, Progmat, Inc., STANDAGE Co., Ltd., and Ginco Co., Ltd. are considering using stablecoins for trade settlements. They plan to create the first use case in Japan for trade settlements using domestically produced stablecoins by 2024. The experiment will use STANDAGE's trade payment system and transfer stablecoins based on permissionless blockchain. Mitsubishi UFJ Trust and Banking will be responsible for the stablecoin trust business, while Ginco will provide the corporate wallet and participate in its joint development. The project aims to solve the payment problems in emerging country trade, increase trust through blockchain technology, and reduce transaction costs.