According to CoinMeta, as reported by Coinpost, Mitsubishi UFJ Financial Group ( MUFG ) has joined hands with institutions such as Digital Asset and Progmat to launch an experiment on the blockchain for Japanese government bond repurchases. They are using a Canton Network tailored for the institutional market to test the synchronous settlement of government bonds with tokenized deposits or stablecoins DVP. The project will also verify the automation of smart contracts throughout the entire lifecycle, from transaction matching, collateral delivery, interest calculation to maturity repayment. The goal is to gradually expand repurchase transactions to longer settlement periods, even 24-hour operation, without replacing Japan's existing government bond settlement system. The market size for Japanese government bond repurchases is approximately 250 to 270 trillion yen.