Circle Chief To Issue Stablecoin in Japan

It has been revealed the fact that the Circle chief is considering issuing a stablecoin in Japan. Check out the latest reports about this below.

According to a recent CoinDesk interview with Jeremy Allaire, the CEO and co-founder of Circle, the company is exploring the possibility of issuing a stablecoin in Japan.

With stablecoins gaining popularity in cross-border trade, Japan presents a promising market to Circle, especially after the country’s rules governing stablecoin issuance came into effect on June 1.

While Allaire did not provide further specifics on the potential issuance, he expressed interest in forming partnerships in Japan, the world’s third-largest economy.

Recently, Japan’s parliament passed a bill regarding stablecoins which mandates that they be tied to the yen or another fiat currency and that holders have the ability to redeem them at face value.

The bill also stipulates that only licensed banks, registered money transfer agents, and trust companies may issue stablecoins.

Circle, a company that has been increasing its presence in Asia, obtained a Major Payment Institution license from the Monetary Authority of Singapore last month.

As a result, its affiliate, Circle Internet Singapore, is now able to provide digital payment token services and cross-border and domestic money transfer services in Singapore.

Japan’s largest bank, Mitsubishi UFJ Financial Group, has expressed interest in stablecoins. In June, they introduced their Progmat Coin platform, which aims to enable the issuance and trading of stablecoins.

In other news, the world’s biggest crypto exchange, Binance, has announced the suspension of deposits and withdrawals for eight altcoins linked to the bridging platform Multichain.

Binance has halted its support for Alchemy Pay (ACH) via the BNB Smart Chain, Spell Token (SPELL) via the Avalanche C-Chain, and six other lower market cap altcoin projects via Ethereum, Fantom, as per their latest statement.