Hokkoku Bank Launches Tochika, Japan's First Deposit-Backed Stablecoin
FINANCE
Hokkoku Bank, a regional financial institution in the Ishikawa prefecture, launched Tochika, Japan’s first deposit-backed stablecoin. Customers of the bank will be able to purchase the currency using Tochitsuka, an app developed by Digital Platformer, that previously allowed users to earn points from city services.
Hokkoku Bank Reaches Milestone With Deposit-Backed Stablecoin Tochika
Hokkoku Bank is innovating in the stablecoin arena in Japan. In a press release, the bank announced the launch of Tochika, Japan’s first deposit-backed stablecoin. The token will be available to users with a Hokkoku Bank deposit account and access to Tochitsuka, an app that will serve as a wallet for the stablecoin tokens.
Previously, the Tochitsuka app was launched as a wallet for receiving Tochipo, points from the Suzu City government for volunteer services. The app, developed by the blockchain company Digital Platformer, uses distributed ledger technology to keep transaction fees low.
Hokkoku Bank specified that Tochika would coexist with Tochipo, and users could spend these stablecoins and points in Tochitusuka-affiliated retail stores. Tochika can be issued regardless of the municipality where Japanese citizens live but can be only spent in Suzu City.
The bank profiled Tochika as a digitalization tool for reaching customers who have yet to embrace these solutions. It stated:
We will promote the digital shift in the region by utilizing Tochitsuka for businesses that have not introduced cashless payments due to the burden of payment fees, and for local gift certificate businesses that issue paper-based gift certificates.
The bank announced that it plans to introduce a P2P remittance function for users to send payments to other users. This feature is planned to be developed by year’s end.
Hokkoku Bank also envisions future collaborations with banks from other regions to build a cashless environment that allows for the seamless integration of these services, hinting at a possible usage of one region’s stablecoins in another.
Other banks in the country like MUFG and Minha Bank are already preparing to launch their yen-pegged token offerings.
Post source:https://news.bitcoin.com/hokkoku-bank-launches-tochika-japans-first-deposit-backed-stablecoin/#google_vignette
