{"id":65477,"date":"2023-09-26T02:47:33","date_gmt":"2023-09-26T06:47:33","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/binance-collaborates-with-banking-giants-to-launch-stablecoins-in-japan\/"},"modified":"2023-09-26T02:47:36","modified_gmt":"2023-09-26T06:47:36","slug":"binance-collaborates-with-banking-giants-to-launch-stablecoins-in-japan","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=65477","title":{"rendered":"Binance Collaborates With Banking Giants to Launch Stablecoins in Japan"},"content":{"rendered":"
\n

Binance\u00a0has announced plans to launch stablecoins denominated in the dollar, euro, and yen in\u00a0Japan<\/strong>.<\/p>\n

The initiative, set to take place next year, is made possible through a partnership with the trust banking arm of\u00a0Mitsubishi UFJ Financial Group (MUFG)<\/strong>,\u00a0Takeshi Chino<\/strong>, the general manager of Binance Japan,\u00a0said in an interview with Bloomberg.\u00a0<\/p>\n

Binance Japan aims to introduce these three stablecoins initially, with the potential for additional offerings in 2024.\u00a0<\/p>\n

As part of the collaboration, Binance and MUFG have already begun the process of studying the issuance and implementation of these stablecoins.<\/p>\n

The announcement comes after Japan passed a law clarifying the legal status of stablecoins back in June.<\/p>\n

Stablecoins are believed to offer advantages such as faster money transfers and settlements.\u00a0<\/p>\n

Japan’s Stablecoin Market Could Reach $34 Billion<\/h2>\n

Tatsuya Saito<\/strong>, MUFG’s vice president of products, has said that Japan’s stablecoin market has the potential to reach a substantial size of up to 5 trillion yen ($34 billion), approximately one-fourth of the estimated current global market.<\/p>\n

MUFG has been engaged in discussions with multiple parties regarding the use of its blockchain platform, Progmat, to mint stablecoins tied to foreign currencies.<\/p>\n

Meanwhile, to carry out its issuance plans, Binance will need to acquire a license in Japan as an electronic settlement methods transaction business provider, as outlined in the press release.\u00a0<\/p>\n

Once the stablecoins are introduced, users will have the ability to use them for cryptocurrency trading and potentially engage in payment services, according to Chino.<\/p>\n

As\u00a0reported, Binance officially entered the Japanese market with the launch of Binance Japan K.K. in August.\u00a0<\/p>\n

At the time, the exchange said it already offers Japanese crypto traders access to more tradable tokens than any other crypto exchange, with 30 tokens available for spot trading.<\/p>\n

Notably, Binance Japan is a rebranding of the Japanese crypto exchange Sakura Exchange BitCoin (SEBC), which was\u00a0acquired by Binance in November 2022.<\/p>\n

Financial Institutions Rush to Launch Stablecoins in Japan<\/h2>\n

The legalization of stablecoin issuance by licensed firms in Japan has prompted various companies to consider entering the market by launching these digital tokens.\u00a0<\/p>\n

For one,\u00a0Orix Bank<\/strong>, a Japanese financial institution, is reportedly exploring the possibility of issuing stablecoins in the country.\u00a0<\/p>\n

Orix aims to commence testing stablecoins denominated in yen, dollar, and other currencies in October, with a target launch date in 2024.\u00a0<\/p>\n

These stablecoins will be backed by fiat deposits and utilize the Japan Open Chain blockchain, developed by Tokyo-based G.U. Technologies and its partners.<\/p>\n

Likewise, Circle, the company behind the USDC stablecoin,\u00a0has revealed\u00a0plans to launch a stablecoin in Japan.<\/p>\n

In July, Circle CEO Jeremy Allaire said that Japan would become an extremely large market for them if stablecoin adoption in cross-border trade and global commerce picks up in the coming time.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Binance\u00a0has announced plans to launch stablecoins denominated in the dollar, euro, and yen in\u00a0Japan. The initiative, set to take place next year, is made possible through a partnership with the trust banking arm of\u00a0Mitsubishi UFJ Financial Group (MUFG),\u00a0Takeshi Chino, the general manager of Binance Japan,\u00a0said in an interview with Bloomberg.\u00a0 Binance Japan aims to introduce […]<\/p>\n","protected":false},"author":1,"featured_media":65478,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-65477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nBinance Collaborates With Banking Giants to Launch Stablecoins in Japan | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Binance\u00a0has announced plans to launch stablecoins denominated in the dollar, euro, and yen in\u00a0Japan.The initiative, set to take place next year, is made\" \/>\n<meta name=\"robots\" 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