Share this article
Japan’s Largest Bank Latest to Develop Own Digital Currency
Bank of Tokyo-Mitsubishi UFJ (MUFG) has revealed it has developed its own digital currency nicknamed "MUFG coin".
By Pete Rizzo
Updated Sep 11, 2021, 12:06 p.m. Published Feb 1, 2016, 7:50 p.m.
Make us preferred on Google
Bank of Tokyo-Mitsubishi UFJ (MUFG) has revealed that it has developed its own digital currency nicknamed “MUFG coin” as part of its research into blockchain and distributed ledger technology.
According to The Asahi Shimbun, the digital currency project seeks to replicate the peer-to-peer (P2P) exchange and mobile wallet functionality inherent in bitcoin, but without relying on the bitcoin blockchain’s distributed network of miners.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
MUFG began the trial last fall, which is aimed at decreasing the costs of managing financial transactions, particularly in the case of P2P transfer and remittances.
Representatives from MUFG subsidiary BTMU confirmed the trial to CoinDesk, though they did not provide additional details when reached.
The announcement is reminiscent of Citi’s July revelation that it had created a proprietary network termed "Citicoin" on which it was conducting experiments and comes amid an increasing period of activity from both commercial and Japanese banks.
, for instance, announced this week the creation of a new company with distributed ledger startup Ripple, as well as an investment in bitcoin exchange Kraken. Meanwhile, MUFG competitors including Barclays, BBVA and Banco Santander have all made recent announcements on the subject.
Mitsubishi UFJ Financial Group had previously been revealed as a member of blockchain technology consortium R3CEV, which has enrolled 42 global banks into its program and is expanding to include non-banks.
Image credit: TK Kurikawa / Shutterstock.com
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
What to know:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
Top Stories
