Japanese Banking Giant Mizuho to Launch Its Yen-Pegged Stablecoin This March

Japanese bank giant Mizuho Financial Group will present its custom bill for payments and remittances on March 1, local finance newspaper Nikkei Asian Review reported on February 21.

In partnership with 60 or similar financial institutions that will host 56 million accounts, Mizuho's new digital currency platform "J-Coin" will directly link existing bank accounts to digital portfolios.

Mizuho Financial Group is a public bank holding company with total assets of over $ 1.8 trillion as of 31 December 2018.

The valuation would be managed by a dedicated mobile application called J-Coin Pay, which uses QR Codes to cash in to make retail payments. According to Nikkei, the currency will be a stable digital kit at the cost of 1 yuan (about $ 0.01) per unit, and transfers between the bank accounts and the J-Coin portfolio will be zero.

Tatsufumi Sakai, CEO of Mizuho Sakai, told Nikki that "the arrival of all of these newcomers [in the digital payment space] undermines the idea of ​​ common sense that financial institutions provide payment services." E-commerce div Rakuten and live chat software provider Line, which itself launched its cryptocurrency and blockchain.

According to Nikkey, potential creditors of J-Coin will not need to undergo a credit check, and the service will be open to users under the age of 18. The J-Coin portfolio will also serve a more flexible range of payment services and remittances than traditional systems. Bank accounts - with options for collectors to share accounts or family members to transfer the pocketbook.

To create a platform with retailers, Mizuho is currently negotiating with FamilyMart, the electronics store Bic Camera and East Japan Railway. Its goal is to deliver at least 300,000 stores and register at least 6.5 million users within a few years.

As Nikkei noticed, despite the wide base of potential users of the megabank and its 60-member federation, the reach of target users remains below 79 million existing users in Japan. Also, Line Pay already supports 1.3 million stores.

Mizuho will continue its Alibaba Alibaba partnership strategy to help J-Coin Pay gain market share. It also plans to charge retailers lower transaction fees than credit card services, usually ranging from 2% to 5%.

As previously reported, Mizuho first published its digital currency plans at the end of December 2018.

In January 2018, another Japanese banking giant Mitsubishi UFJ Financial Group, the fifth largest bank in the world, presented its launch of a stable indexed index called MUFG Coin. MUFG also plans in the first half of 2020 to introduce a partnership with the Akamai content delivery network in the US.


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