Japanese Bank Joins Stablecoin Frenzy

Another Japanese bank has started experimenting with Digital Fiat "stablecoin ". The first Bank of Nikkei, the first Bank of Toyama, has launched a pilot scheme for its own blockchain powered stablecoin, in October 2019, with the aim of commercialization of tokens. These tokens allegedly allow consumers and sellers to access the freebies and payment options.  This leopard named First Bank Coin (FBC), Nikkei said that the token will initially be used to dispatch their employees through their Smartphone app. Store FBC payments will also accept payment at the bank's headquarters in Toyama. The token will be seen at the rate of 1: 1 with the Japanese Yen. This Toyama First Bank was established in 1944, with a market capitalization of approximately 26 billion US dollars. Last week, these regulatory financial services agency told a media outlet that it has not considered stable counts as cryptocurrency, which could possibly involve more Japanese financial services companies. These Japanese banks are keen to climb stabilizers, and have started similar ventures in recent months. Mitsubishi UFJ Financial Group, the country's largest bank, is now in advanced stages of its stable-testing. The bank is currently running an unmanned facility in its headquartered where employees can purchase drinks and snacks in their MUF stabilizers. Last month, GMO Internet operator of one of the country's largest cryptocurrency exchanges and one of the GMO Aozora Net Bank, it has been announced to launch a stablecoin project. GMO said that its project has already won support from other banks in the country. In the meantime, the biggest stablecoin tether by market capitalization, once again experienced a sharp decline at the end of this week. Estimated by the US Dollar at 1: 1 ratio, while writing stablecoin, it reached 0.95 US dollars before reaching 0.99 US dollars.  On Friday, Tether said that it has a bank account with the Deltaic Bank and Trust Limited in Bahamas and by October 31, the account has 1.8 billion US dollars. However, the community does not feel that their concerns have been placed to rest with this announcement, that the company has no Fiat holdings to completely return the token in circulation. [source](https://cryptonews.com/news/japanese-bank-joins-stablecoin-frenzy-2870.htm)