Japan Considers Creating Stablecoins Pegged to Yen and US Dollar
Date: 2024-05-28 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
Japan is actively exploring the possibility of creating stablecoins pegged to the yen and the US dollar. Nomura, Laser Digital and GMO Internet Group have announced their partnership to develop these stablecoins. The move underscores the growing importance of digital assets in Japan's financial sector and the country's commitment to integrating cryptocurrencies into its economy.
Partnership to Create Stablecoins
Japanese banking giant Nomura and its digital assets arm, Laser Digital, are working with local firm GMO Internet Group to explore the possibility of issuing stablecoins. These coins will be pegged to the yen and US dollar, creating stable and reliable digital assets for Japanese and international users.
Main Areas of Work
Under this partnership, Nomura and Laser Digital will focus on cryptocurrency trading, asset management and venture capital investments. GMO, in turn, will play a key role in the technological development of the project. Laser Digital Executive Chairman, Steve Ashley, emphasized the importance of developing stablecoins to expand the availability and acceptance of cryptocurrencies in Japan and beyond:
“As digital assets mature, the development of stablecoins in the Japanese market will be key to expanding the availability and adoption of cryptocurrencies in the country and beyond.”
Context and Perspectives
These initiatives come against the backdrop of active development of the cryptocurrency sector in Japan. In September 2023, crypto exchange Binance announced plans to introduce at least three stablecoins in Japan in 2024, highlighting the importance of the Asian market for global crypto companies. In October of the same year, the Japanese bank Hokkoku also announced the launch of a local digital currency and announced the creation of its own stablecoin.
The partnership between Nomura, Laser Digital and GMO Internet Group to create stablecoins pegged to the yen and the US dollar represents an important step in the integration of digital assets into the Japanese financial system. This collaboration not only highlights the growing interest in cryptocurrencies, but also demonstrates the commitment of Japanese companies to ensure the stability and reliability of digital assets for their users.
