Reported 2 days ago
Three major Japanese banks—Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho—are entering the stablecoin market by launching yen and dollar-pegged stablecoins to rival USDT and USDC. They aim to issue 1 trillion yen (approximately $6.64 billion) over three years as Japan experiences a significant increase in crypto adoption, with a 120% year-on-year growth. The initiative includes partnerships with various crypto companies and aims to facilitate corporate payments and cross-border transactions.
Source: YAHOO