Japanese Banks to Issue Stablecoins Based on Japan Open Chain

Commercial banks Minna no Bank, The Shikoku Bank and financial group Tokyo Kiraboshi have announced a joint experiment in which participants will test issuance and payments in stablecoins based on Japan Open Chain. This blockchain is fully compatible with the Ethereum ecosystem. Its bandwidth is up to 1000 TPS. The infrastructure for the project was provided by GU Technologies.

Banks will issue their own stablecoins instead of using the stablecoins already on the market. Reports note that stablecoins will work with popular wallets such as MetaMask. In addition, regulators in Japan will lift the ban on foreign-issued stablecoins this year.

In the future, the initiative will serve as a foundation for the creation of a commercial regulated stablecoin. This will combine all the advantages of this asset class with a high degree of protection and guarantees for investors.

Image: AsiaFundManagers