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Investing.com -- Japan’s three largest banks plan to collaborate on issuing stablecoins, digital currencies that are pegged to the value of traditional currencies, according to a Friday report from the Nikkei business daily.
Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group will create a unified structure enabling their corporate clients to transfer stablecoins between them using standardized protocols.
The initiative will begin with a yen-pegged stablecoin, with potential plans to introduce a dollar-pegged version in the future, the Nikkei reported.
Stablecoins are digital currencies designed to maintain a stable value by being backed by real-world currencies, providing more price stability than typical cryptocurrencies.
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