Mitsubishi UFJ Financial Group is in talks with companies behind popular global stablecoins as well as other firms about issuing such tokens via the Japanese banking giant’s blockchain platform.

Japan’s stablecoin law, one of the first among major economies, became operative on June 1 and in effect means that only the nation’s licensed banks, registered money transfer agents and trust companies can issue the tokens.

MUFG is in discussions with multiple parties about using its blockchain platform, Progmat, to mint stablecoins tied to foreign currencies — including the dollar — for use globally, the bank’s Vice President of Product Tatsuya Saito said in an interview.