Several well-known Japanese banks are using Japan Open Chain to test compliant stablecoins

ChainCatcher news, according to BeInCrypto, several well-known Japanese banks will test stablecoins on an Ethereum-compatible blockchain and issue stablecoins that comply with Japanese law using a new proof of concept. The banks participating in this program include Tokyo Kiraboshi Financial Group, Minna no Bank, and The Shikoku Bank. These banks will issue their own stablecoins instead of using existing stablecoins in the market.

The initial focus of the test will be on the issuance of electronic money and remittances, with future plans to concentrate on stablecoin systems that meet legal requirements. The latter will involve local governments and private enterprises. The stablecoin will be usable in popular wallets like MetaMask. GU Technologies will develop the system and will use the "Japan Open Chain," which is fully compatible with Ethereum. (source link)