Financial technology company Soramitsu will establish a stablecoin trading platform in Japan, providing cross-border payment services.

According to BlockBeats news on August 9th, Japanese fintech company Soramitsu is planning to establish a stablecoin trading platform in Japan that provides cross-border payment services. For example, if a consumer in Thailand wants to make a QR code-based payment to purchase goods from a Japanese e-commerce website, the payment will be sent to the trading platform in US dollars and converted into stablecoins denominated in Japanese yen. Soramitsu supports the Bakong payment system developed by the National Bank of Cambodia and the digital version of the kip, the official currency of Laos. Bakong has already been used for QR code-based digital payments between Cambodia and Malaysia, Thailand, and Vietnam. The company is working to provide similar cross-border payment services for countries such as India and Laos and hopes to include Japan in this network.