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Today in crypto, Japan’s top banks reportedly plan to launch a joint yen-based stablecoin, more than five new crypto exchange-traded funds (ETFs) were applied for this week, despite the ongoing US government shutdown, and crypto industry executives joined President Donald Trump’s White House fundraiser dinner.
Three of Japan’s largest banks reportedly plan to jointly issue a yen-pegged stablecoin, contributing to the region’s growing adoption of crypto technology within its financial infrastructure.
Nikkei reported on Friday that Mitsubishi UFJ Financial Group (MUFG), Bank Sumitomo Mitsui Banking Corp. (SMBC) and Mizuho Bank plan to modernize corporate settlements and reduce transaction costs through a yen-based stablecoin project built on MUFG’s stablecoin issuance platform Progmat.
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