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Japan's Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Bank will jointly issue a stablecoin

BlockBeats News, October 17th, according to Nikkei News, major Japanese banks will issue a stablecoin for commercial use. Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Bank will jointly issue the stablecoin.

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In June, Japan launched a revised Payment Services Act that allows for the issuance of domestic stablecoins. Following this, institutions such as Circle and Binance have successively entered the Japanese stablecoin market.
Stablecoins have not only reshaped the payment system but have also become a powerful tool for giants to pursue profits. A financial game of freedom and regulation is unfolding.
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