- On June 1, the country recognized Stablecoin as a means of payment
- They are ready to develop the market, but are looking for reliable providers
- Circle will offer Japan its expertise and advanced technology
Circle CEO Jeremy Aller was interviewed by CoinDesk Japan. The main topic was a new law that opens up the country’s stabelcoin market.
With effect from June 1, Japan implemented a new law recognizing stabelcoins as “electronic means of payment.”. Only registered financial institutions can issue such assets.
Allaire is positive about the authorities’ initiative.. He believes that when stabelcoins start to be widely used in payments between countries, Japan’s financial market will get serious inflows.</nbsp;
The head of Circle said he visited the country last month and is interested in developing partnerships.
But Circle already has competitors in this niche. This is Japan’s largest bank Mitsubishi UFJ Financial Group (MUFG). In mid-June, they unveiled Progmat Coin, a platform that allows you to issue and sell Stablecoins issued by Japanese banks. Progmat Coin uses blockchain technology to enable issuance and trading of digital assets. This platform will allow banks in Japan to launch steblecoins on Ethereum, Polygon, Avalanche and Cosmos. The company will introduce additional networks in the future.
Circle recently received a license in Singapore. It gives them the status of an official financial institution and payment provider.