TOKI, a cross-chain bridge that supports IBC, tweeted that it has partnered with Progmat, a stablecoin platform under Mitsubishi UFJ Financial Group (MUFG), Japan's largest financial group, and Datachain, a blockchain interoperability startup, to introduce Japanese yen stablecoins to public blockchains. As of June 1, the revised Payment Services Act has been implemented, which promotes the issuance and circulation of stablecoins that comply with Japanese law. According to the law, Progmat plans to issue Japanese yen stablecoins on multiple blockchain networks in the second quarter of 2024, when users can conduct cross-chain transactions such as cross-chain swaps, cross-chain payments, and cross-chain lending.

Prior to this, TOKI will launch a cross-chain bridge by the end of 2023.