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The second largest bank in Japan, Mizuho Financial Group, will launch a new stablecoin anchored to the yen. The intention is to release this virtual currency in March 2019. The information was released in a report by Finance Magnates a few days ago.
New Stablecoin to enter the market in 2019
Mizuho Financial Group will release a new stablecoin on the market as soon as March 2019. The main purpose of this decision is to make payments and transfers using a mobile application.
At present, the new currency has no name, but will be distributed to stores and other regional banks. It will also allow transactions between individuals and purchases in different stores. This would allow companies to reduce costs as this virtual currency will not have transaction fees compared to credit cards.
Although the service is free, banks will benefit from data provided by individuals and other consumer spending patterns.
Japan has tried to regulate the virtual currency market during the last year. In 2017, a consortium of banks launched the J-Coin project. This idea received the support of the Japanese central bank and the financial regulatory authority of the country. It is expected to be ready for the 2020 Tokyo Olympics.
Mizuho has also worked with blockchain technology to improve its services. During 2017, the company completed a finance operation using blockchain technology. It involved the sending of information from Japan to Australia and the use of key financial data.
There were several companies that launched stablecoin in 2018. Tether (USDT), the most popular digital asset in the market has been criticized after being involved in several disputes. Other stablecoin launched include Gemini USD (GUSD), Paxos Standard (PAX) or USD Coin (USDC).
A few days ago, some rumors spread on Facebook releasing its own stablecoin for WhatsApp. Apparently, the social media giant wants to help improve the remittance market in India. WhatsApp already has over 200 million users and an important part of the GDP of India depends on remittances.
In the future, new stablecoins will be released that will allow the market to be more stable, less volatile and easier to use for many people.
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