Japan’s largest banks including Mizuho Bank, Mitsubishi UFJ Group and Sumitomo Mitsui are in talks to jointly issue a public Yen-backed stablecoin.
Japan is continuing to progress the development of stablecoin related discussion with the top aforementioned banks who have around $7T assets under management, building on from earlier in the year where many other banking groups were actively engaged in the Progmat trials.
In the summer, the FSA (Japanese Financial Services Agency) published a research paper and approved JPYC, Inc to become a stablecoin issuer for the JPYC coin.
Currently, the state of the Yen stablecoin market sits at under $10M, with majority of the supply attributed to national stablecoin issuer GMO-Z Trust Company.
A recent report by Chainalysis showcased the adoption increase from the broader region, whereby the total monthly on-chain value received per month for APAC has held steady between $150B – $200B, with countries like South Korea, India and Australia also included.
