[MUFG and Nippon Trust Bank’s public blockchain stablecoins will not require KYC]

Earlier this year, Mitsubishi UFJ Financial Group (MUFG) announced that its Progmat Coin platform can be used by multiple banks to issue stablecoins, including on public blockchains. Today, it detailed its stablecoin plans and suggested that certain types of stablecoins could be used for anonymous public blockchain transactions. In other words, KYC is not a necessary condition. For stablecoins issued through trust banks, issuers do not need a license. In addition, MUFG previously announced plans to merge the Progmat token platform, with Progmat Inc. set to merge on October 2. SMBC and Mizuho Bank, Japan's second and third largest banks, are shareholders, as is Sumitomo Mitsui Trust Bank. Other owners include Tokyo stock exchange operator JPX, SBI PTS Holdings, NTT Data and Datachain.