The Japanese megabank Mitsubishi UFJ Financial Group and domestic blockchain players have teamed up to launch a stablecoin interoperability pilot. The pilot will make use of several Datachain-developed “interconnection” solutions, which will allow parties to “boost efficiency” and “reduce fees for inter-bank, inter-company, and interpersonal remittances” when using stablecoins.
Last year, Japanese lawmakers voted in favor of stablecoin regulation clauses that have now been inserted into the revised Payment Services Act. This development will allow banks to launch their own fiat-pegged coins on blockchain networks, but as different banks are already working on a diverse range of blockchain protocols, interoperability-related questions have been raised.
Key Japanese business players are also expanding into the non-fungible token (NFT) and digital securities spaces, potentially causing possible interoperability problems.
Compiled by Coinbold
