From a news article released by coindesk:
The trust banking arm of Mitsubishi UFJ, Japan's largest bank by assets, is planning to use blockchain technology for securities trading and set up the stablecoin as a payment instrument. The stablecoin will be pegged to the Japanese yen. Banks and other financial institutions will be allowed to issue stablecoins next year under new legislation designed to limit the issuance of such digital currencies by private companies.
I've been seeing a lot of Japan + crypto related news these days, I guess the country is also starting to open up with crypto.
