Stablecoin Proof-of-Concept with the Participation of Three Domestic Banks ─ Issuance on Japan Open Chain Operated by Japanese Company | coindesk JAPAN

On March 2, GU Technologies, which develops and provides Web3 infrastructure, started a demonstration experiment for issuing stablecoins on the public blockchain “Japan Open Chain”, which is fully compatible with the Ethereum blockchain operated by a Japanese company. announced. Tokyo Kiraboshi Financial Group, Minna no Bank, and Shikoku Bank will participate in the demonstration experiment.

In the demonstration experiment, using the stablecoin issuing system for financial institutions developed by GU Technologies, we will confirm that each bank can issue its own stablecoin on Japan Open Chain. Ultimately, we aim to issue a legally backed stable coin while coordinating with the test environment and production environment of the banking system.

Japan Open Chain was established with the aim of allowing reliable Japanese companies to operate in compliance with Japanese law. Validators are Sony’s group startups Kogia, Dentsu, GUTechnologies, Minna no Bank, Pixiv, and Kyoto University of the Arts.

｜Text and editing: coindesk JAPAN editorial department
｜ Top image: From the release