Japan's largest bank has already begun testing its cryptocurrency

The largest financial group, the Japanese giant Mitsubishi UFJ Financial Group, has begun testing its own stablecoin Mufg Coin.

The Mufg coin was released back in May as part of an experiment to study blockchain technology in the financial sector. The Mufg coin is tied to a national currency, in which one Mufg coin will always be equal to one yen. Essentially, Mufg is a stablecoin with a 1:1 exchange rate, which makes it easier for anyone familiar with Japanese currency to exchange. Users can download the app and convert fiat currency to Mufg coin. 

So far the experiment is going well. There are not many details about stablecoin testing, even in the local press. The experimental site was a minimarket located at the headquarters of Mitsubishi UFJ Financial Group (MUFG), intended to serve only the company's clerks. Payments are accepted through a special cash register that works with Mufg Coin payment by reading the QR code provided by the cashier. 

Then, in May, MUFG announced a joint development with Akamai of a large-scale blockchain payment network. The announced network claims to process a million transactions per second and is positioned as an open payment platform for various existing payment options.

Despite the short period of development of the process of introducing blockchain transactions into the payment system, the bank has high hopes for it. MUFG is optimistic about the prospects of using it to facilitate various financial transactions. Retail clients of the bank will be able to evaluate the full potential of the coin after testing it. In addition to the token itself, MUFG is testing another free digital reward for corporate use. Details are not yet known, but presumably the coin will be a bonus unit for promotion in the company.

Perhaps the bank is not disclosing details in anticipation of a license to open its own crypto platform, on which it is planned to trade the new coin. MUFG submitted an application to the Financial Services Agency (FSA) at the beginning of the year. There is no information about obtaining a license yet. However, the availability of resources from the world's largest financial structure, its own crypto asset and crypto platform is a serious lever of influence on regulators, the cryptocurrency market and the prospects for its development and acceptance.