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Binance Collaborates With Banking Giants to Launch Stablecoins in Japan

Binance has announced plans to launch stablecoins denominated in the dollar, euro, and yen in Japan. The initiative, set to take place next year, is made possible through a partnership with the trust banking arm of Mitsubishi UFJ Financial Group (MUFG), Takeshi Chino, the general manager of Binance Japan, said in an interview with Bloomberg. Binance Japan aims to introduce these three stablecoins initially, with the potential for additional offerings in 2024. As part of the collaboration, Binance and MUFG have already begun the process of studying the issuance and implementation of these stablecoins. The announcement comes after Japan passed a law back in June.

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