MUFG launching a stablecoin issuance platform
After the Terra Luna collapse, all foreign stablecoins had been banned. This changed on June 1st, when a new law was enacted, providing guidance on the treatment of stablecoins. Under the new regulation, stablecoins must be backed by the yen or other legal tenders and can only be issued by licensed financial institutions.
One of these institutions, the megabank MUFG has seized the opportunity and swiftly announced the launch of its stablecoin issuance Platform Progmat Coin. Progmat coin will facilitate the issuance of bank-backed stablecoins on blockchains like Ethereum, Polygon, Avalanche, and Cosmos.
The platform is expected to launch in the second quarter of 2024 commercially. So far, it’s unclear which banks will use the platform, but MUFG is working on launching a yen-backed stablecoin, and other banks will follow suit.
Takeaway: Japan is trying to find a path between enabling innovation in its highly fragmented payments landscape and protecting consumers by requiring that any stablecoin be exchangeable at face value. Various banks have already stated that they are working on stablecoins; it’s just a question of time until we see these enter the market. It’s a big step toward bridging the gap between TradFi and DeFi and could inspire other jurisdictions if it succeeds.
Puma’s Metaverse, inspired by Shibuya City
Puma, the sports manufacturer from Germany, had been one of the first to purchase an ENS domain and rock it on their Twitter profile. But they didn’t halt at that but ventured deeply into web3, even creating their own Metaverse called Black Station.
It’s a dynamic hub for digital experiences, allowing fans to engage with Puma and explore fashion, sports, and its digital assets. Now to celebrate its 75th anniversary, the brand has launched a second world where shoppers can purchase NFTs that can be redeemed for physical goods. This second space is called Unkai and heavily drew inspiration from Shibuya in Japan.
Takeaway: Just like irl, sports manufacturers take their competition to web3. Adidas and Nike have all launched their own web3 initiatives. NFTs, in combination with custom experiences, are an attractive field for these brands. Shibuya, a vibrant hub where tradition, innovation, fashion, and tech collide, is the perfect inspiration for ambitious brands. Did we mention that Astar is partnering with the city of Shibuya yet?
DreamCo and Turingum K.K collaborating to bring timeless game on-chain
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DreamCo, an entertainment company with over ten years of experience developing games, has partnered with Turingum K.K. to bring the timeless IP of Wizadry to the blockchain world. Wizardry is a series of role-playing games that significantly impacted the gaming industry, often even touted as the game to kick off RPGs. Released first in 1981, it continues to enjoy high popularity.
The title of the game to be released is “Eternal Crypt - Wizardry BC,” and it will be an adoption of the IP as a blockchain game enabling anyone to immerse themselves in web3. It’s still early days for this project, but you can follow its progress on Twitter.
Takeaway: Japan hosts companies holding powerful IPs for gaming, entertainment, and beloved anime characters. Gaming is seen as an accelerant for web3 adoption, so bringing already popular IP on-chain could be the spark needed to get gamers into web3.
In other news… 📰
- Travel rule now applies to Japanese exchanges: imposing limits on crypto asset transfers from Japanese traders to 21 countries. The travel rule states that exchanges have to provide specific information on the sender and recipient, similar to how traditional financial services require information to prevent money laundering and terrorist financing.
- Oasys hosting Hackathon with a $65,000 prize: The gaming blockchain Oasys is running a hackathon from June - July with a $65,000 prize pool for participants that submit a winning idea for the NEXT big Mainstream app on Oasys.
- $5 million JPY for digital securities: Tokyo’s Office of the Governor for Policy Planning has started an initiative to kickstart the exploration of digital securities issued on a blockchain. Startups in this area can receive support from the office to offset costs and gain access to experts.
Events 📅
- 09. - 29. June: Ai + Crypto Hackathon: Build a dApp on Astar and win from our prize pool!
- 28. - 30. June: IVS Kyoto: One of the biggest crypto events in Japan. Astar will be there with a booth, so stop by and say hi if you’re around.
- 29. June: Astar x GSR Drinks: Join us for drinks and appetizers in a stunning location with our friends from GSR to unwind during IVS Kyoto.
Japan Fact🗾
There is roughly 1 vending machine per 23 people in Japan, making it the country with the highest vending machine density worldwide. They sell anything from drinks, sweets, and rice to even NFTs.
Created on June 23rd, 2023.
