G.U. Technologies, a blockchain-related tools developer based in Tokyo, announced on Thursday that it will be collaborating with three major banks in Japan to issue stablecoins on an Ethereum-compatible blockchain. The project, called Japan Open Chain, is currently in beta testing and is being developed in partnership with several organizations including Dentsu, Minna Bank, Pixiv, Kyoto University of the Arts, and Corgear.
Japan has a ban on crypto exchanges listing foreign-issued stablecoins like USDT, but this is set to change in 2023 for stablecoins that meet specific regulatory standards. G.U. Technologies has stated that their Japan Open Chain stablecoins will comply with Japanese regulations.
The announcement said:
"We will conduct an experiment to confirm that each bank can issue its own stablecoin that can be used in Ethereum wallets such as MetaMask while complying with the Payment Services Act,"
In partnership with Dentsu, Minna Bank, Pixiv, Kyoto University of the Arts, and CORGEAR, GU Technologies has developed Japan Open Chain, an Ethereum-compatible blockchain that now has a beta version available for use. The network uses a proof-of-authority (PoA) consensus algorithm, with a claimed ability to record more than 1,000 transactions per second. Layer 2 scaling solutions will also be researched in the future. The developers have expressed an interest in NFT transactions, stating that Japan's growing interest in web3 could make this a possibility.
As privately developed stablecoins become more prevalent in Japan, the Bank of Japan is also focusing on its central bank digital currency (CBDC). A digital yen is set for a pilot program in April, which could potentially be a game-changer for the nation's financial system.
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