Japan's Major Banks Collaborate on Stablecoin-Based Trading System

Nomura and Daiwa Securities are partnering with Japan's three largest banks to introduce a stablecoin-based system for trading stocks, bonds, and other assets. According to NS3.AI, the stablecoin, pegged to fiat currency, is jointly issued by Mitsubishi UFJ Asset Management, Sumitomo Mitsui, and Mizuho, enabling 24-hour securities trading. The companies intend to register with financial regulators shortly and plan to broaden the system with additional institutions after a pilot program.