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Delio Curation

Japanese Bank Set to Launch Stablecoin This Year

2023.06.01

Japanese commercial banks will reportedly begin issuing stablecoins from this year, following the passage of legislation regulating stablecoins in June 2022.


The revised Payment Services Act, which came into effect on the same day, allows banks, trust companies, and money transfer operators in Japan to issue stablecoins, with registration required by the government. Stablecoins, such as Tether(USDT) and USD Coin(USDC), are designed as cryptocurrencies pegged to fiat currencies or other underlying assets to mitigate price volatility. The introduction of stablecoins is expected to bring innovation to cross-border remittances and payments, simplifying trade transactions.


Major banks like Mitsubishi UFJ Financial Group (MUFG) and regional banks like Tokyo Kiraboshi Financial Group and The Shikoku Bank are preparing to issue their own stablecoins, utilizing a platform developed by G.U. Technologies on the Japan OpenChain, a public blockchain compliant with Japanese law.


Source: CRYPTONEWS

Fee policy for withdrawal of virtual assets

The following fees are charged when withdrawing virtual assets from Delio Bank.

Virtual asset type Transmission fee (Gas fee) Withdrawal fee
Bitcoin (BTC) Charged according to network conditions 2,000 won worth of Bitcoin
Ethereum (ETH) Charged according to network conditions 2,000 won worth of Ethereum
Ripple (XRP) Charged according to network conditions 1 XRP

· There is no fee for transfers within Delio Bank.

· No withdrawal fee is charged for virtual assets other than Bitcoin, Ethereum, and Ripple.

· Please check the transfer fee for virtual assets other than Bitcoin, Ethereum, and Ripple when withdrawing.