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Mitsubishi UFJ Financial Group – Japan’s largest financial group and the fifth largest bank in the world by assets – is leading a 22-member research consortium to develop standards around security token management.
The group – the Security Token Research Consortium – includes security issuers, broker dealers and technology companies, such as NTT Docomo Inc. and KDDI Corp., the two largest telecommunications companies in Japan.
Securitize, a firm that enables the issuance and management digital securities, will be the only issuance platform provider for the consortium. The consortium will be the company’s first opportunity to tokenize fixed income assets, including bonds, where Securitize CEO Carlos Domingo told CoinDesk that tokenization has some of the best opportunities to create efficiencies.
The consortium is pursuing ways to develop, offer and onboard financial transactions services using blockchain, with a focus on automatic settlement for securities and funds. It plans to develop a dedicated security token blockchain called “Progmat” to provide a platform for managing securitized assets, including trust functions to minimize counterparty risk