Eight major financial institutions in Japan have announced that they will set up new companies to issue digital assets called "stablecoins" backed by currencies such as yen and dollars.
By utilizing digital assets, the company aims to improve the speed of remittances between companies and reduce settlement fees.
Eight Japanese companies, including Mitsubishi UFJ Trust and Banking Corporation, Sumitomo Mitsui Trust Bank, and NTT DATA, held a press conference in Tokyo on the 8th and announced that they will jointly establish a new company to issue digital assets next month.
This company will issue digital assets called "stablecoins" using blockchain technology backed by fiat currencies such as yen and dollars, and develop the system that will form the basis for them.
Of these, stablecoins, which are mainly used for settlements between companies, are scheduled to be issued around next summer, and in addition to improving the speed of settlement compared to conventional transactions for trade transactions, it will be possible to significantly reduce fees.
Tatsuya Saito, who will be appointed CEO of the new company "Progmat", said, "If the infrastructure is overcrowded, efficiency will decrease, so the purpose of establishing the company is to get everyone together and create one strong network brand."