Three Japanese domestic banks have started a stablecoin experiment involving local governments and private companies. By amitoj
Tokyo Kiraboshi Financial Group, Minna no Bank and The Shikoku Bank will use a system developed by GU Technologies, a Web3 infrastructure company, on the, a public blockchain fully compatible with Ethereum that complies with Japanese law.
"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," the companies said. Japan has been moving toward allowing stablecoins. Following the collapse of multibillion-dollar algorithmic stablecoin issuer Terra in 2022, parliament passed a set of stablecoin-specific rules focused on investor protection. The government also
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