MUFG and Progmat have announced their collaboration with the stablecoin JPYC. Progmat is a tokenization platform created by Japanese MUFG and supported by other institutions. The Progmat-MUFG-JPYC transaction has a dual meaning. JPYC will explore additional stablecoin formats and issue them through the Progmat Coin platform. JPYC has applied for a license allowing Progmat to exchange the stablecoin issued with other offshore stablecoins.

JPYC was launched in 2021, well before the new stablecoin law in Japan took effect in June of this year. Therefore, JPYC is currently a prepaid payment method, similar to a prepaid card. In fact, it offers JPYC cards that can be used in stores without any conversion.