Trading firm Mitsui and Sumitomo Mitsui Banking, a member of its Sumitomo group of companies, announced the upcoming launch of ZipangCoin (ZPG) a gold-pegged stablecoin in February. Nikkei Asia writes about it.
Each ZPG will receive the equivalent of one gram of gold and a guarantee from Sumitomo Mitsui Banking. The yen-denominated token will reflect the precious metal quotes that are being formed on the LME.
It is planned to obtain a listing of ZPG on cryptocurrency exchanges. Initially, the token will be available on Mitsui's own FSA-registered digital asset platform.
The creators of ZPG are counting on interest from retail investors as a hedge against financial risks and inflation. Other possible use cases include smartphone payments in retail chains and bill payments.
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