Mitsubishi UFG Bank Issues Stablecoin Tied To The Yen; Cryptocurrency Market Rises

Mitsubishi UFJ Bank (MUFG Bank), the largest bank by assets in Japan, will issue a blockchain-based stablecoin has partnered with Japan’s SBI Group and Daiwa Securities for instant settlement of securities transactions. This stablecoin will be tied to the Japanese Yen and was named ‘Progmacoin’, reported Nikkei.

Meanwhile, crypto investors cheered the ongoing rally in cryptocurrency prices as the global market cap increased by 3.73 per cent at $2.02 trillion. The crypto trading volume, too, surged by 45.25 per cent in the last 24 hours at $95.19 billion, as per Coinmarketcap data.

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Bitcoin (BTC), the world’s oldest cryptocurrency, was trading with a gain of 3.54 per cent at $43,997.51 at 8.30 am.

“Bitcoin crossed an integral level of $44,000 and is currently trading at $44,059.30 with short-term Bitcoin holders earning profits for the first time since last November,” says Gaurav Dahake, CEO and founder, Bitbns.

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Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was also trading with a gain of 3.36 per cent at $3,145.33.

Among other major coins, Cardano (ADA) was up by 6.13 per cent at $1.23. Algorand (ALGO), which is known as the Ethereum killer, was up by 4.55 per cent at1.07; its market cap now stands at $7,019,396,755. Binance Coin (BNB) was up by 2.51 per cent at $434.23, while Solana (SOL) rose by 1.46 per cent at $117.21 and Polkadot (DOT) by 3.01 per cent at $22.67.

Today’s top gainer was SWAK (SWAK), which was up by 2096.78 per cent at $0.001707. The top loser was Dogecolony (DOGECO), which was down by 99.76 per cent at $0.0000001001.

Japanese banks start to embrace cryptocurrencies to reduce the cost of securities transactions.https://t.co/I9XQdIgvsy

— Nikkei Asia (@NikkeiAsia) February 7, 2022

Meme Coins And DeFi

Dogecoin (DOGE) was up by 4.25 per cent at $0.1661. Its volume to market cap ratio stands at 0.07614. Rival Shiba Inu (SHIB) was also up by a massive 14.64 per cent at $0.00003305.

Dogelon Mars (ELON) was trading with a gain of 9.3 per cent at $0.000001157. Floki Inu (FLOKI) was also up by a huge 29.41 per cent at $0.00006096, while Samoyed Coin (SAMO) rose by 17.09 per cent at $0.02738.

In the DeFi segment, YFI (yearn.finance) was trading with a gain of 8.24 per cent at $26,360.12. Terra (LUNA) was up by 4.65 per cent at $58.47, Avalanche (AVAX) was up by 5.09 per cent at $83.17, Uniswap (UNI) was up by 8.19 per cent at $12.52, while Aave (AAVE) rose by 6.91 per cent at $185.75.

Latest Update

The stablecoin issued by Mitsubishi UFJ Bank is similar to a central bank digital currency (CBDC) except for one difference. This stablecoin was issued by Mitsubishi (a public company) and a CBDC will be issued by the Central Bank of Japan. Under a newly proposed legislation, Japan is set to limit the issuance of private stablecoins to banks and financial institutions, reported Nikkei.