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Japan’s Largest Bank MUFG Completes Blockchain Interoperability Settlement Trial for Progmat Coin Stablecoin

Japan's largest bank, MUFG, has concluded a cross-blockchain trial to settle digital securities using a stablecoin, with DataChain as the interoperability tech provider. This is part of MUFG's development of Progmat, a blockchain infrastructure for digital securities, which requires settlement through stablecoins. The bank developed Progmat Coin to support stablecoins from multiple regulated issuers. The trial used a stablecoin issued on the Progmat Coin infrastructure based on R3's Corda enterprise blockchain to pay for a security on a GoQuorum permissioned blockchain. The solution addressed three key requirements: avoiding the need for a trusted third party for interoperability, settling different types of transactions, and sidestepping the need for another network for interoperability.

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