Bank of Mitsubishi UFJ, Sumitomo Mitsui Bank and Mizuho Bank will pilot stablecoin platforms to facilitate cross-border transfers. The pilot test, called "Project Pax", will utilize stablecoins issued by Progmat, a blockchain startup backed by SBI Holdings and Japan Exchange Group. The project will be operated by Progmat, Datachain and TOKI to facilitate testing of cross-chain transactions. The project plans to leverage SWIFT's existing banking API framework to direct Progma...
Mitsubishi UFJ Bank's decline widened to 21%, and its share price hit a record low.