Cryptocurrency: Three Japanese banking giants are joining forces to launch their own stablecoins

The stablecoin race. Japan’s three largest banks, Mitsubishi UFJ (MUFG), Sumitomo Mitsui (SMBC) and Mizuho, ​​are working together to launch of Japanese yen-backed stablecoins and the US dollar. Goal? Create a common standard for cross-border payments and corporate transactions. This project could revolutionize the liquidity of the yen and dollar in the Japanese banking system, and a pilot project is planned by the Mitsubishi Corporation. Japan, which is gradually opening up to tokens backed by and tied to fiat currencies, does not want to miss the train of economic digitalization.

Key points of this article:

• Japan’s three largest banks have teamed up to launch a yen-backed dollar-backed stablecoin, marking a historic milestone for cross-border payments and corporate transactions.
• This ambitious project could revolutionize yen and dollar liquidity in Japan, and a pilot project planned by Mitsubishi Corporation underscores the country’s gradual opening to cryptocurrencies.

Japan is betting on stablecoins to boost its economy According to the report Nikkei Japanese banking giants Mitsubishi UFJ (MUFG), Sumitomo Mitsui (SMBC), and Mizuho plan to launch stablecoins backed by she is and dollar . This consortium aims to create standard for cross-border payments and corporate transactions. Having over 300,000 corporate partners these banks may change the way they are managed liquidity yen and dollar.

Project will begin with a pilot project under management Mitsubishi Corporation which will be a key milestone in implementation stablecoins in Japan Designed to track the value of fiat currency, these digital tokens combine programmability and instant finality offering a modern alternative to traditional reserves.

Here is the news as announced in the original version – Source: Nikkei

These cryptocurrencies, unlike any other, are becoming important across the planet This project is part of a gradual transition of Japan to tokens backed by fiat currencies . Authorities are currently preparing to approve yen-denominated stablecoins, while other institutions are exploring deposit tokens and tokenized cash channels. The Post Bank of Japan announced the launch DCJPY a tokenized deposit in yen, until 2026.

While Japan advances with stablecoins, other Asian countries such as South Korea and Hong Kong are also working on a regulatory framework for these digital assets. IN United States The law of GENIUS established the first federal system for stablecoin issuers that reflects a global trend to the regulation of these unique tokens.

From with a total cost of more than 300 billion dollars stablecoins have become the centerpiece of digital payments, and no banking institution in the world can afford to ignore them. This applies to both Japan, so does the rest of the world.

Source: journalducoin.com