The largest bank in Japan MUFG, has led a consortium to research and develop standards for managing token stocks.
The consortium includes 22 members, including issuers of stocks, brokers and two of Japan’s largest telecommunications firms, NTT Docomo Inc. and KDDI Corp. The sole provider of the platform for issuing tokens is Securitize, which provides the issuance and management of digital securities.
This will be Securitize’s first opportunity to tokenize fixed income assets, including bonds. Carlos Domingo, CEO of the company, said the tokenization area has the greatest potential for efficiency.
The consortium will study ways to develop, offer and provide services for financial transactions on the blockchain, with particular attention to the automatic settlement of transactions for securities. The group plans to develop a special blockchain for share tokens called Progmat.
Recall that in April, MUFG announced plans to launch its own cryptocurrency for practical use. In addition, in February it became known that MUFG plans to create a new payment system based on the blockchain. The launch of the system should take place next year.