Japan-based banking guru Mizuho announces Yen-backed stablecoin in the wake of JPM Coin

  • Two banks backed stable coins expected to launch in 2019; Mizuho’s J-Coin and JP Morgan’s JPM Coin.
  • J-Coin users will have to go through certain credit checks to be allowed to use the service.

The cryptocurrency industry has been a buzz of activities in the last couple of weeks. Japan-based banking guru Mizuho Financial Group has announced that it plans to release Yen-pegged stablecoin. The news from the firm comes only days after the largest bank in the United States, JP Morgan said that it will be launching JPM Coin in a few months.

According to a report published by Nikkei Asian Review, a local newspaper outlet, the coin will be released following a partnership among sixty financial institutions. All the banks combined have 56 million user accounts. Which means the Mizuho “J-Coin” will be accorded massive support because the accounts will be directly linked to the user accounts.

The stablecoin in question will under the management of a mobile application referred to as J-Coin Pay. It will integrate QR codes to be used at all retail checkout points. The coin is expected to launch as a stablecoin having the value of 1 yen. It will also be transferable between the user bank accounts and the J-Coin wallet where transaction cost will be set at no fee. The CEO of Mizuho Tatsufumi Saka said in a comment to Nikkei Asian Review:

“The arrival of all these new entrants [into the digital payments space] is eroding the common-sense notion that payment services are provided by financial institutions."

Nikkei says that J-Coin users will have to go through certain credit checks to be allowed to use the service. Moreover, users below the age of 18 will also be allowed in the system. The coin will be utilized for various remittance services as well as payment options, unlike conventional bank account. Mizuho is already working on onboarding shopping stores like the FamilyMart and other retailers in a bid to grow the number of stores to a minimum of 300,000 stores.



Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Flat, Cryptocurrencies on a Positive Tone

Cryptocurrencies were slightly positive during the last 24 hours, except for Bitcoin, who failed to cross the $8,300 level and created a large candle down to $8.150, tho, then, move back to the $8,200 range. 

More Bitcoin News

Ripple price analysis: XRP/USD grinds to a halt ahead triangle breakout

Ripple performance in October has been relatively better compared to other major digital currencies. The world’s third-largest crypto is stepped above $0.30 last week but failed in sustaining gains towards $0.31.

More Ripple News

Ethereum market update: ETH/USD slips back inside the range, $180.00 still out of reach

ETH/USD hit $178.28 on Monday and retreated to $174.57 by press time. The second-largest coin is moving inside a tight range amid slow trading activity in sync with the market. 

More Ethereum News

NEO price analysis: NEO/USD on recovery track, still below critical resistance of $7.80

NEO, currently the 21st largest coin with the total market value of $527 million, has gained about 1.7% in recent 24 hours to trade at $7.5 at the time of writing. Since the beginning of Tuesday, NEO/USD has gained about 1%.

More NEO News


Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast