Datachain Raises Funds from MUFG for Issuing and Circulating Stablecoins Across Multiple Chains, Including Ethereum

2024-06-20

We’re thrilled to announce that Datachain has secured funding from MUFG.

Through this round of funding, we will further enhance our cooperation with MUFG. Our collective focus is on the commercialization of initiatives that utilize stablecoins, security tokens (digital securities), and cross-chain technology.

According to a joint report by BCG and ADDX, the digital assets market could reach an estimated $16.1 trillion by 2030 in a conservative scenario, and possibly up to $68 trillion in the best-case scenario. The markets for stablecoins and cryptocurrencies are also predicted to grow, suggesting a further expansion in the overall digital asset market size.

Datachain is building infrastructure to manage digital assets dispersed across various blockchains in the expanding digital asset market. We’re doing this with the help of various partner companies, including MUFG.

Past Initiatives

Datachain is proficient in cross-chain technology, an essential field in a world where digital securities, such as stablecoins and security tokens, operate across multiple blockchains. This area of technology is highly acclaimed globally. As evidence of our expertise, we have twice received grants from the Interchain Foundation for implementing IBC-Solidity.

We’ve been collaborating with a variety of companies, both locally and internationally, conducting demonstrations and joint research. Specifically, with MUFG, our recent investor, we’ve launched projects using stablecoins. These are expected to be issued and circulated by “Progmat Coin,” a stablecoin management platform led by the same company.

Highlights from Our Initiatives:

https://medium.com/@datachain/datachain-teams-up-with-mitsubisi-ufj-trust-and-banking-c9707b0ada9e

https://medium.com/@tokifinance/toki-mufg-unite-to-bring-japanese-bank-backed-stablecoins-5e33c574e58

Future Plans

We’re working to support the issuance and circulation of stablecoins on public blockchains such as Ethereum. This effort, made in collaboration with TOKI, which offers a cross-chain bridge, and MUFG, is aimed at commercialization by 2024 Q2.

Additionally, we’re targeting the realization of “cross-chain settlements of digital securities using stablecoins” within 2024. This project, which we are pushing forward with MUFG, will involve deepening our ties with relevant securities firms and other entities.

Datachain is contemplating further fundraising from firms that align with our business objectives. This approach, among other initiatives, will help drive the growth of our business.

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