- The “coin” is called ZipangCoin
- The asset will be available to the public by the end of February
Mitsui & Co. is about to launch the first stablecoin in Japan backed by gold
“Coin” was named ZipangCoin (ZPG) as reported by local media. In doing so, the company expects to overtake the DCJPY project, a virtual asset backed by deposited accounts.
The stablecoin is expected to reach the mass market by the end of February. The implementation will take place through retail licensed crypto exchanges, and the ZPG rate is pegged to gold quotes.
Like other analogues, this stablecoin will have a separate mobile client. Its users will be able to make purchases in partner stores using ZPG for mutual settlements.
This asset has many advantages. Unlike, for example, bitcoin, it is less volatile, more predictable and amenable to regulation. The project supports the FSA, so transactions using ZPG are completely legal.
Sumitomo Mitsui Banking is the guarantor of cryptocurrency stability. The cost of one coin will depend on the price of 1 gram of real gold.
Unlike some other stablecoins, ZPG is developed on the basis of a private blockchain with centralized control. Mitsui noted that they took this step in order to prevent money laundering, illegal transactions and reduce fluctuations in quotations. See also: Swiss bank issues a token backed by real gold.