The largest Japanese bank, Nomura Holdings, and its digital asset subsidiary, Laser Digital Holdings, have announced a partnership with GMO Internet Group to develop stablecoins pegged to the Japanese yen and the US dollar. This partnership aims to create digital assets that support currency stability and promote their adoption in the market.
Importance of Stablecoins in Financial Markets
According to Steve Ashley, Executive Chairman of Laser Digital, the development of stablecoins is crucial for expanding access to digital assets in both domestic and international markets. Kentaro Okuda, CEO of Nomura Holdings, emphasized that stablecoins will play a significant role in the future of financial markets, assuring clients of their importance.
Focus on Cryptocurrency Trading and Asset Management
Under the agreement, Nomura, Laser Digital, and GMO Internet Group will focus on cryptocurrency trading and asset management. This cooperation will enable the companies to make a significant contribution to the development of technologies related to digital assets.
Legal Framework for Stablecoins in Japan
It is worth noting that in 2022, Japan enacted laws regulating the issuance and circulation of stablecoins. According to these laws, stablecoin issuers are required to register with the Financial Services Agency of Japan (FSA). This legislation establishes a legal framework for the safe and transparent circulation of stablecoins, promoting their adoption in the country’s financial market.
