Japan's 3 megabanks to jointly issue stablecoin
TOKYO -- Japan's three megabank lenders have announced plans to jointly issue a stablecoin, a type of digital asset, linked to currencies such as the yen and the U.S. dollar, during the year ending next March.
Signs of MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking Corp (from left). Photo: Jiji Press
According to the announcement Wednesday, the banks--MUFG Bank, Sumitomo Mitsui Banking Corp. and Mizuho Bank--have also agreed to establish a council to study the operational frameworks of the stablecoin and enhance cooperation to expand its use.
The three have been conducting demonstration experiments for the joint issuance with support from the Financial Services Agency since November last year.
Based on the results, the banks will allow investors to use stablecoins to settle purchases of stocks, bonds and investment trust funds.
They will also consider expanding the range of financial institutions where the stablecoins can be used.
Stablecoins are digital payment instruments that use blockchain technology.
They are expected to facilitate international remittances and payments while reducing transaction costs.
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