Circle is considering issuing a stablecoin in Japan as the law governing stablecoins takes effect on June 1, said Jeremy Allaire, co-founder and CEO of the payments company.
In an interview with CoinDesk Japan Allaire said that if stablecoins were used more widely for cross-border trade, foreign currency transactions, and global commerce, it would likely be more popular. Japan will become a very big market.
With Japan’s Stablecoin Bill, it is one of the first countries to establish a framework for using stablecoins overseas, which Allaire sees as “the most important thing that governments and financial services authorities have done.”
He also said Circle was interested in a partnership in Japan, which he visited last month.
Regulations governing stablecoins require issuers to adhere to strict rules: Stablecoins must be pegged to Japanese yen or other legal currency, and holders must be guaranteed to redeem at face value. It requires that only licensed financial institutions, such as licensed banks, registered money transfer agents, and trust companies, will be able to issue stablecoins.
The post Circle aims to launch stablecoin in Japan after new law takes effect appeared first on Bitcoin Addict.