Today Japanese regional bank Hokkoku announced it is the first in Japan to launch a stablecoin backed by bank deposits. Last year it launched the Tochituka app, which allows citizens to earn Tochipo points from the local Suzu City government and spend them at certain stores.
Now those who already have a Hokkoku bank account can use the same app to top up their Tochika – the deposit backed stablecoin – which they can spend at local stores.
Japan remains a cash-centric society. The bank aims to draw in retail businesses deterred by the high costs of cashless payments by offering merchant rates of just 0.5%. It also targets companies issuing paper gift certificates, encouraging them to adopt the digital app for points-based transactions.
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