TOKI and MUFG Unite to Bring Japanese Trust Bank-backed Stablecoins to Public Blockchains
TOKI comes out of stealth mode with the goal of creating a cross-chain infrastructure that leverages IBC, unified liquidity, and Japanese trust bank-backed stablecoins. This ambitious endeavor is made possible through strong partnerships with industry leaders like MUFG (Progmat) and Datachain.
Since early 2022, our team has been diligently addressing regulatory and technical challenges, while also conducting a series of successful experiments to demonstrate our progress.
We are thrilled to finally unveil this groundbreaking initiative to our community!
Japanese trust bank-backed stablecoins are essential for Web3 adoption in the nation’s market. Yet, due to a lack of specific regulations, Japanese residents have been unable to purchase stablecoins through domestic exchanges.
Now, with the introduction of Japanese trust bank-backed stablecoins on major public blockchains, we anticipate a significant impact on the market. Users will finally be able to enjoy DeFi, NFTs, and lending with bank-backed stablecoins across multiple blockchains via IBC.
This achievement holds great importance not only for the Japanese market, but also for the entire web3 ecosystem, as it ushers in various types of digital assets. In the next section, we’ll explore some fascinating use cases to further demonstrate its potential impact.
Use Cases
TOKI and Progmat are going to connect major blockchains such as Ethereum, Cosmos, Avalanche and Polygon, envisioning the following exciting use cases:
- Cross-chain swaps: Exchange stablecoins using Progmat Coin and other cryptocurrencies on different blockchains.
- Cross-chain payments: Settle NFT and governance token transactions with stablecoins on various blockchains.
- Cross-chain lending: Execute transactions utilizing stablecoins on lending protocols across different blockchains
The image above demonstrates that TOKI equips with a unified liquidity pool for each blockchain, connecting them through IBC, enhanced with LCP in a trust-minimized manner. This will allow Japanese trust bank-backed stablecoins to be utilized across various public blockchains for cross-chain swaps, payments, lending, and more.
Furthermore, Progmat aims to issue not just stablecoins but also security tokens and NFTs for real-world use cases, including membership rights and traceability applications. This marks a significant milestone in integrating Japanese Real World Assets (RWA) into the crypto sphere! Exciting times ahead, right?
What is TOKI?
TOKI was founded to provide a top-notch cross-chain bridge with an emphasis on security and UX. TOKI boasts three key features that set it apart:
- Secure and Extensible: By utilizing IBC and LCP as messaging protocols, TOKI enables exceptional inter-blockchain communication, focusing on both safety and extensibility.
- Efficient Liquidity and Native Token Swap: We’ve introduced unified liquidity, which allows for highly efficient liquidity and native token swap.
- High Composability: Dapps can easily integrate with TOKI through SDK, enabling cross-chain functionality
Fun fact: The name “TOKI” is derived from a traditional Japanese migratory bird “Japanese Crested Ibis”. Just like these birds, we aim to seamlessly connect various blockchains, creating smooth transitions between them. Soar through the blockchain skies with us!
Together with Datachain, TOKI’s core development partner who boasts a proven track record of expertise in IBC, and having received grants from the Interchain Foundation twice, we are diligently working to advance the development of our cross-chain bridge. We anticipate launching it by the end of 2023.
TOKI is set to play a pivotal role in fostering stablecoin issuance across multiple blockchains, enabling cross-chain functionalities, and maintaining the high level of security inherent in IBC.
To learn more about TOKI, please visit the link below.
https://tokifinance.notion.site/
What is Progmat?
Progmat is an innovative project focused on transforming various forms of value into digital assets and seamlessly connecting society through their programmable networks.
Conceived and launched by Mitsubishi UFJ Trust and Banking, the project has become a significant influence in the Japanese financial landscape. Over 200 companies are involved, including Japan Exchange Group (JPX) and major Japanese banks such as SMBC and Mizuho, all working together to enhance the initiative’s impact and reach even more.
Progmat offers three kinds of token issuance platforms: security token, utility token and stablecoin. And, what’s super cool about Progmat is that they’re going to roll out multi-chain deployments, even on public blockchains such as Ethereum and Cosmos.
This means they’re making it possible to work with stablecoins that follow Japanese laws on these chains. It’s a game changer, as it could mark a major step in bringing Japan’s real-world assets (RWA) into the public blockchains’ ecosystem or blending traditional finance with web3.
Please visit the link below to learn more about Progmat:
https://medium.com/@tokifinance/what-is-progmat-c052f8cce2ed
Comment from MUFG, Progmat
Tatsuya Saito, the Vice President of Product at Mitsubishi UFJ Trust and Banking Corporation and Incoming Founder CEO of Progmat
TOKI is a globally unique player, possessing expertise in Japanese financial enterprises along with multi-chain support and cross-chain infrastructure. As such, TOKI is a crucial element in Progmat’s multi-chain strategy. By strengthening our partnership with TOKI and Datachain, we’ll focus on developing a cross-chain infrastructure utilizing stablecoins issued by Progmat Coin.
Follow Us and Let’s Collaborate
TOKI is gearing up to launch our cross-chain bridge by the end of 2023, and we’re expecting the bank-backed stablecoins to launch in Q2 2024.
We will have a ton of thrilling updates lined up before the big day! Expect news on partnerships, funding, token economics, and maybe even an airdrop.
Don’t miss out on the excitement — follow us on Twitter and/or join our Telegram channel to stay in the loop with all our latest announcements!
- Twitter: @tokifinance
- Telegram: https://t.me/toki_announcements
Until the stablecoin launch, we will continue to focus on development and establishing strategic partnerships with L1 blockchains, Dapps, and prominent Japanese enterprises.
MUFG is already playing a pivotal role in realizing this vision, and TOKI is actively pursuing partnerships with other major enterprises, especially those keen on issuing digital assets across multiple blockchains.
Moreover, TOKI is seeking venture capital firms or projects that are interested in investing to propel our project to even greater heights.
If you’re intrigued by the prospect of partnering with us or investing in our vision, don’t hesitate to connect with us on Twitter or Telegram. If you prefer email, reach out to us at contact@toki.finance. We’re excited to hear from you!
