MUFG to issue global stablecoins backed by foreign currencies via the Progmat blockchain-#65!

The cryptocurrency business is thriving, but many things are happening, including, MUFG issuing global stablecoins backed by foreign currencies, JPMorgan expanding its blockchain-based token to Euro payments, Mastercard expanding its Engage program to accelerate crypto card adoption, and much more!


In this issue:

  • MUFG to issue global stablecoins backed by foreign currencies via the Progmat blockchain.
  • JPMorgan expands its blockchain-based token to Euro payments: Bloomberg.
  • World’s first layer 3 decentralized exchange Syndr protocol launches Syndr chain on Arbitrum.
  • Mastercard expands Engage program to accelerate crypto card adoption.
  • Bitcoin Equities ETF hits Euronext Amsterdam stock exchange.
  • Tether integrates with the Kava blockchain, and USDT adoption widens.
  • Automobile giant Skoda Auto announces the launch of the NFT platform.


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MUFG to issue global stablecoins backed by foreign currencies via the Progmat blockchain.

Japan’s Biggest Bank, MUFG, is in talks to issue global stablecoins. The nation’s legislation on stablecoins took effect on June 1. MUFG has its Progmat blockchain platform for minting tokens.

Mitsubishi UFJ Financial Group (MUFG) is discussing with several companies, including issuers of popular global stablecoins, to mint such tokens via its blockchain platform, Progmat. According to Bloomberg, Japan’s stablecoin law became effective on June 1, and only licensed banks, registered money transfer agents, and trust companies can issue the tokens. MUFG plans to issue stablecoins tied to foreign currencies, including the US dollar, for use globally. The bank is also working on security tokens for third parties.

Tatsuya Saito, the Vice President of Products at MUFG, said that inquiries for stablecoin projects are coming in from overseas financial groups and that Japan could become a global hub for stablecoin issuance. This is a great opportunity for Japan, as Prime Minister Fumio Kishida’s agenda for reinvigorating Japan’s economy includes support for the growth of Web3 firms, which refer to a vision of a decentralized internet built around blockchains, crypto’s underlying technology.

Stablecoins are popular in the crypto sector, where investors often park funds in between trades involving more volatile tokens. They are meant to hold a steady value, usually $1, and are often backed by reserves like cash and bonds. However, stablecoins have periodically lost their pegs, causing instability in crypto markets. Terra USD, a token that relied on algorithms and trader incentives, imploded in May 2022, causing losses of at least $40 billion. Regulators have since increased their scrutiny of stablecoins.

Japan’s legislation promotes tokens that are fully backed by fiat cash in a matching currency. This makes using stablecoins safer for issuers and users alike. The fact that stablecoins can be denominated in dollars and other currencies under the regulation paves the way to issue tokens for overseas use.


JPMorgan expands its blockchain-based token to Euro payments: Bloomberg.

Banking giant JPMorgan (JPM) has expanded its blockchain-based settlement token JPM Coin to euro-denominated payments, Bloomberg reported on Friday.

JPM Coin went live with euro payments on Wednesday, according to the report, citing an interview with the bank’s head of Coin Systems for Europe Basak Toprak. German tech firm Siemens conducted the first euro payment on the platform.

Since its inception in 2019, over $300 billion in transactions have been processed using JPM Coin, making it one of the most extensive uses of blockchain technology by a traditional financial institution. The system allows JPMorgan’s institutional clients to make wholesale payments between accounts around the world using blockchain tech as the rails.

The $300 billion is still a drop in the ocean compared to the nearly $10 trillion that JPMorgan processes by conventional means daily.


World’s first layer 3 decentralized exchange Syndr protocol launches Syndr chain on Arbitrum.

In the DeFi market, a new player has emerged to surprise traders with innovative solutions and robust features. Syndr Protocol, a leading player in the

DeFi space has pushed its limits beyond imagination by announcing the launch of Syndr chain, a Layer 3 solution built on Arbitrum. The introduction of Syndr Chain signifies a leap forward in the DeFi space. It addresses the limitations of current Layer 2 solutions, offering enhanced scalability and improved user experience.

Syndr Protocol has announced the launch of Syndr Chain, a Layer 3 rollup, also known as Orbit Chain. This innovative platform is built on Arbitrum in a strategic partnership with Caldera, with the ambitious goal of introducing an additional 100 million traders to the world of DeFi.

Syndr Chain is set to launch as an Orbit Chain, with settlements to be conducted on the public Arbitrum layer 2. The Syndr Chain testnet, which settles on the Arbitrum Goerli testnet, is already up and running.

The decision to leverage Arbitrum has allowed Syndr Protocol to successfully launch a decentralized Orbit chain powered by the Nitro tech stack. This includes the incorporation of fraud proofs, advanced compression, EVM+ compatibility through Stylus, and the continuous enhancements being made by the Arbitrum development team.

With the freedom provided by Arbitrum, Syndr Chain can govern the data access layer. This opens up the possibility for the exploration of tailored mechanism designs and the effective capture of value opportunities on the Syndr chain.

Syndr Protocol is confident that the diverse and vibrant trader community already onboarded by Arbitrum will play a crucial role in Syndr Chain’s rise as a leading options and futures exchange. This support is expected to be instrumental in Syndr Chain’s journey toward competing with leading CEXs.

A.J. Warner, Chief Strategy Officer at Offchain Labs, said, “At Offchain Labs, we’re excited to see Syndr leverage Arbitrum Orbit with Caldera to create a powerful, institutional-grade DeFi derivatives product for mainstream adoption.”


Mastercard expands Engage program to accelerate crypto card adoption.

Mastercard has expanded its Engage program, offering a crucial gateway for cryptocurrency card programs to enter the mainstream market. The initiative, which connects potential card issuers with technical partners, is poised to unlock the immense potential of cryptocurrencies and bolster their global acceptance.

With the traditional finance sector increasingly venturing into the digital asset space, Mastercard’s timely expansion of the Engage network serves as a significant milestone. By streamlining the process of bringing crypto cards to market and introducing crypto-to-fiat conversion capabilities, Mastercard aims to empower a growing cohort of crypto firms while ensuring the safety and security synonymous with its brand.

Raj Dhamodharan, Executive Vice President for Blockchain and Digital Assets at Mastercard, expressed the company’s vision, stating, “The expanded Mastercard Engage network will help empower players across the digital asset ecosystem and beyond to fulfill their ambitions at scale, paired with the safety and security that comes with the Mastercard brand.”

Mastercard’s dedication to fostering innovation in the crypto space extends beyond the Engage program. In its ongoing efforts to facilitate broader access to digital assets, Mastercard operates the Start Path program, an initiative that collaborates with promising startups in the cryptocurrency, blockchain, and digital asset sectors. Through this global engagement program, Mastercard aims to drive the wider availability of these technologies and assets, further catalyzing their adoption.


Bitcoin Equities ETF hits Euronext Amsterdam stock exchange.

The Netherlands has welcomed a new equity exchange-traded (ETF) fund that will give investors exposure to a basket of Bitcoin (BTC)-related company stocks.

French investment firm Melanion Capital’s Bitcoin Equities ETF began trading on the Euronext Amsterdam Stock Exchange on June 22, introducing an equities-based approach to investing in the Bitcoin ecosystem.

The ETF is designed to track the Melanion Bitcoin Exposure Index, which is a custom basket of European and American stocks closely tied to BTC’s market price. The ETF complies with the European Commission’s Undertakings for the Collective Investment in Transferable Securities (UCITS) regulatory framework for managing and trading mutual funds. UCITS funds allow investment firms to register and sell trading products across the European Union by providing regulatory and investor protection requirements.

Melanion Capital CEO Jad Comair said the firm’s expansion to the Euronext Amsterdam exchange gives Dutch investors a “regulated and transparent solution” to gain exposure to the Bitcoin ecosystem.

“The Dutch market has shown tremendous interest in digital assets, and we are delighted to offer them an avenue to access this exciting investment opportunity within a regulated framework.” Melanion’s Bitcoin Exposure Index comprises stocks from companies with significant investments in Bitcoin holdings, cryptocurrency exchanges, and mining operations.


Tether integrates with the Kava blockchain, and USDT adoption widens.

Tether, the leading stablecoin issuer, is expanding its reach by issuing its USDT stablecoin on the Kava blockchain. The move aims to enhance liquidity and provide users with more options across multiple blockchains.

Kava is a layer-1 blockchain known for its scalability and speed. It offers a unique co-chain design that combines the flexibility of the Ethereum virtual machine with the interoperability of the Cosmos software development kit. Kava’s mainnet upgrade is implemented last month. It improved transaction speeds and the functionality of cross-chain bridges, further enhancing its appeal to users

Tether’s decision to launch USDT on Kava solidifies its position as the most widely adopted stablecoin. With a market cap that reached an all-time high of $83.5 billion, Tether continues to gain market share over its main competitor, USD Coin (USDC).

Meanwhile, Paolo Ardoino, CTO at Tether, expressed excitement about the partnership, highlighting Kava’s robust track record of security and reliability. The collaboration between Tether and Kava aims to reshape the future of decentralized finance. It also fosters a robust and inclusive ecosystem for users worldwide. As Tether expands its presence on various blockchain networks, it strengthens the stability and accessibility of its stablecoin, further contributing to the growth and adoption of cryptocurrencies in the global financial landscape.


Automobile giant Skoda Auto announces the launch of the NFT platform.

Automobile giant Skoda’s Indian subsidiary, in keeping with its worldwide Web 3.0 ambition, has established Skodaverse India, a platform where users can access and buy/trade Non-Fungible Tokens (NFTs) in an attempt to boost interaction with the tech-savvy youth and build a loyal consumer base.

Plus, Skodaverse is working with Near Protocol. The platform, termed “Skodaverse India,” would supposedly include eco-friendly, scalable NFTs, minimal gas expenses, and interoperable NFTs that can be used across several platforms.

The company stated: “Škodaverse India will also unlock bespoke utilities and experiences for NFT holders which will be revealed along with the first drop details. All NFTs will be minted on carbon-neutral blockchains, aligning with our sustainable vision.”

Skoda’s first NFT lineup will be available “soon,” but the company hasn’t announced a release date or pricing. When the NFT is released, users will be able to “mine” it by adding funds to their wallets. In addition to the unique digital asset reflecting Skoda’s artwork or collectibles that NFT holders will have, developers have noted the possibility of “value appreciation” and resale in the future as well as the special privileges, incentives, or experiences that will be available to NFT holders.

Both traditional currency and digital currencies may be used for transactions. Developers have also claimed that the NFT platform is the company’s first foray into Web3.

Since its founding in 1925 in what was then Czechoslovakia, Skoda has grown to become one of Europe’s greatest industrial manufacturers. In 2022, it will have delivered 731,000 vehicles, a testament to the brand’s popularity in Central and Eastern European nations.



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