- The purpose of the experiment is to prove that any bank can mint its own stable “coin”
- It also served as a “foundation” for the creation of a regulated stablecoin in the future.
- Earlier, the authorities in Japan promised to lift the ban on foreign assets, USDT and USDC, this year.
Today, March 2, commercial banks Minna no Bank, The Shikoku Bank and financial group Tokyo Kiraboshi announced a joint project. During the experiment, participants will test issuance and payments in stablecoins based on the 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.
“The purpose of our experiment is to prove that any bank can issue a stable “coin” supported in the Ethereum ecosystem, including in the MetaMask wallet,” indicated in press release.
In the long term, this 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.
Recall that last summer stablecoins were legalized in Japan, but only from national suppliers. This year, the authorities promise to lift the ban on foreign assets, such as USDT and USDC.
Obviously, Japanese banks are trying to prepare an adequate response to Tether and Circle in advance. Well, additional guarantees and regulatory clarity will serve as a “bonus” for promoting the project among users.
