As per a press release on Thursday, three Japanese banks, namely Tokyo Kiraboshi Financial Group, Minna no Bank, and The Shikoku Bank, are set to conduct a stablecoin payment experiment in order to establish a system that conforms to legal standards.
The experiment will leverage a platform created by GU Technologies, a Web3 infrastructure firm, on the Japan Open Chain, a public blockchain that is fully compatible with Ethereum and adheres to Japanese regulatory requirements.