Japan’s greatest financial institution abandons the blockchain payment task, switching to stablecoins

Mitsubishi UFJ Financial Group (MUFG) has announced that it will suspend their blockchain payment task to concentrate assets on stablecoin growth.

On February 23, Japan’s greatest banking group Mitsubishi UFJ Financial Group (MUFG) stated it had made a decision to shut the Global Open Network (GO-Net), a blockchain task targeted on the payments facet.

GO-Net has been implemented by MUFG considering that February 2019 with the aim of producing a payment procedure with numerous functions, like communication, by applying blockchain technological innovation.

The cause MUFG ditched GO-Net, in accordance to the group, was due to the influence of the COVID-19 pandemic, which drastically diminished the degree of integration of the option, as nicely as a variety of other variables that manufactured the task a lot more problematic than the early get started.

Even so, this is not the finish of MUFG’s ambitions to delve into the crypto area. In mid-2021, the group partnered with Coinbase to generate a cryptocurrency exchange in the Japanese industry.

More not long ago, in early February 2022, MUFG stated it was organizing to create a Japanese yen-pegged stablecoin task.

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