Japanese Companies Collaborate to Research Yen Stablecoin for Trade Settlements

According to Foresight News, Mitsubishi UFJ Trust Bank, Progmat, STANDAGE, and Ginco have begun joint research on the practical application of using a yen stablecoin for trade settlement systems. The goal of these four companies is to create the first use case in Japan by the end of 2024. In the joint experiment, they will demonstrate transfers and payments using STANDAGE's trade settlement system and the yen stablecoin on a permissionless blockchain. During the experiment, electronic bills of lading (e-B/L) will be converted into NFTs and their reliability will be enhanced by recording them on the blockchain.