Binance Japan is looking to issue a stablecoin in the country by the end of 2024. This is part of a collaboration between the crypto exchange and MUTB, a unit of Japan’s MUFG.
It comes after Binance acquired 100% stake in Sakura Exchange BitCoin (SEBC) in November 2022 and re-entered the Japanese market. The stablecoin will be pegged to fiat currencies, including the Japanese Yen and other foreign currencies.
Takeshi Chino, general manager of Binance Japan, noted that stablecoins have important use cases across the financial ecosystem. These include lower-cost and instantaneous cross-border trade settlement for business clients and facilitating trading of other cryptocurrencies seamlessly for retail investors.
Tatsuya Saito, vice president of product of MUTB, believes that the new stablecoin will be a step forward in advancing Web 3.0.
Binance Japan is now operational and is offering 34 tokens, the largest number of tokens on any digital exchange in the country. The exchange intends to offer a minimum of 100 tokens in the coming months.
The two entities plan to commence stablecoin operations by the end of 2024, but it will depend on regulatory approvals.
