Banks are now coming to recognise the various ways in which they can benefit from improving the efficiency of their operations by implementing cryptocurrencies, and more specifically stablecoins.

Top Japanese banks pilot stablecoins

Three top Japanese banks (Tokyo Kiraboshi Financial Group, Minna no Bank, and The Shikoku Bank) have begun to experiment with a pilot of stablecoins on a blockchain

According to a press release on Thursday, the banks are going to use infrastructure developed by GU Technologies on the Japan Open Chain, which is a fully EVM-compatible blockchain that is also compliant with Japanese law.

Stablecoins could dramatically improve fintech

Over the course of the last few decades there has been very little tangible innovation in the space of financial technology, and stablecoins are one of the areas where it can be dramatically improved, since one has the opportunity to make payments to anyone in the world without paying extortionate fees with huge waiting times for transfers to clear.

Moreover, they are highly popular with central banks, particularly in the US, since it means that they find it easier to find someone to buy their national debt – the reason that Circle, for example, is so profitable is because USDC is backed by US treasury bills which earn a yield for the company.

Stablecoins are also popular with organisations such as the World Economic Forum thanks to the fact that they are largely centrally controlled and a small number of individuals can choose whether or not holders are able to transfer their assets. As such, they make perfect pilots for the WEF’s plans to help roll out CBDCs by the year 2030.

Relevant news:

Love Hate Inu - Next Big Meme Coin

Our Rating

Love Hate Inu
  • First Web3 Vote to Earn Platform
  • Vote on Current Topics and Earn $LHINU Tokens
  • Secure, Reliable and Anonymous Voting
  • Rug Pull Proof - 90% of Tokens Available in Presale
  • Accumulate Voting Power by Staking $LHINU Tokens
Love Hate Inu