What the head of Circle said
Allaire said that he has an interest in the jurisdiction, as new rules have been released that are responsible for regulating stable coins. He believes that if they are used in international trade, the state will be one of the key markets for the cryptocurrency industry.
Last summer, Japan passed a bill. It says that local stablecoins must necessarily be linked to the national currency or other legal tender. At the same time, the owners should retain the right of redemption at their nominal price.
Allaire did not give more precise details regarding the issue of stable coins. However, he said that their company has an interest in partnering with Japan. He explained this by the fact that its economy ranks third in the world.
Recall that in March, several local banks began testing stablecoins using the local Open Chain blockchain.