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Mitsubishi UFJ Trust to issue cryptocurrency for trading purposes

Japan bank's stablecoin will offer instant settlement of securities in 2023

Mitsubishi UFJ Trust is hoping that its 'stablecoin' will make the settlement of securities transactions instantaneous.

TOKYO -- Mitsubishi UFJ Trust hopes to bring about instant settlement of securities transactions by using blockchain for trading and a cryptocurrency for payment, Nikkei has learned.

The new digital currency to be issued by the Japanese bank is a kind of stablecoin tied to the value of Japanese yen. This cryptocurrency will allow the bank to streamline and accelerate its settlement process, given that it will be instantaneous.

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