Categories: NewsStablecoin

Japan’s Second Largest Bank Mizuho to Launch Stable coin in 2019

Japan’s second largest banking group Mizuho is planning to launch a stablecoin pegged to Japanese Yen in March next year.

According to Japanese news outlet Nikkie, Mizuho is planning a launch a proprietary digital currency pegged to Yen that can be used in shopping and remitted at no cost. Retail shops will be charged much lesser fees than credit cards for using the currency.

The bank had previously announced the “J-coin” initiative along with Yucho bank in 2017. Mizuho has partnered with 60 regional banks to spread cashless settlement, the project is said to the first of its kind operated by the Japanese megabank.

With the stable coin, the bank aims to increase cashless payments. Users will be able to transfer funds using QR codes on a dedicated smartphone app. The bank won’t be charging any fees for banks transfers or sending funds to others. Bank transfers from Retails shops will also be free and instant.

The stable coin which is yet to be named will be made available by all the participating banks. Using Blockchain technology the bank aims to promote a cashless society in Japan with lower fees and faster settlement time.

Mizuho’s rival Mitsubishi UFJ Financial Group is also testing high-speed settlement with Blockchain technology and is set to launch experiments in 2019. MUFG also partnered with Ripple for cross-border payment service between Japan and Brazil.

Blockmanity’s Take

Stable coins have taken off this year despite the bear market. Mizuho has over $1.9 Trillion in AUM and is the second largest bank in Japan, their launching of a stable coin will bring about massive adoption of the technology.

2019 may finally be the year where we will see mass adoption of Blockchain technology given that Tech giants like Facebook, major banks and even governments planning to launch stable coins.

Image Source: Flickr


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Shrikar Parashar

Shrikar is a Blockchain evangelist. He is a die-hard fan of security tokens. He follows the market closely but does not trade. He believes in Hodling.

Share
Published by
Shrikar Parashar

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

3 months ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

3 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

3 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

4 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

5 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

5 months ago