Japanese Banking Giant to Issue Stablecoin MUFG by End of 2020

Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina), Author: HELEN PARTZ, reprinted with authorization by Odaily.

Editor's Note: This article comes from

Cointelegraph Chinese (ID: CointelegraphChina)

, Author: HELEN PARTZ, reprinted with authorization by Odaily.

The world’s fifth-largest bank, Mitsubishi UFJ Financial Group (MUFG), is reportedly planning to issue its own digital currency in the second half of 2020.

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"We think everyone can use it openly"

MUFG President and CEO Hironori Kamezawa announced the new plan to Japan's Mainichi Shimbun on Monday. As part of the upcoming launch, MUFG reportedly plans to launch mobile retail payments powered by the digital currency with its partner Recruit Group.

According to reports, Kamezawa said that nearly 1 million Recruit member stores have signed the cooperation agreement. “We think everyone can use it openly,” the CEO noted, adding that in the future MUFG tokens will also be available for non-Recruit stores.