Japanese startup Gu Group said it signed a memorandum of understanding with Aozora Bank to ‘consider’ issuing stablecoins. Japan has three different types of stablecoins, with banks capable of issuing two of them – either deposit tokens or trust-based stablecoins where the assets are ring-fenced and held on behalf of the issuer. This agreement is for trust-based stablecoins. Additionally, Aozora also invested Yen 150 million ($1 million), bringing the total Gu Group backing to Yen 1 billion ($6.7 million).
Gu Group is the founder of Japan Open Chain, an Ethereum compatible public blockchain where the nodes are operated by enterprises. The validators include Sony subsidiary Corgear, NTT Docomo, Dentsu and Fukuoka Financial’s digital bank, Minna no Ginko.
One of Gu’s subsidiaries has developed the Gu Coin Studio for the issuance and distributions of stablecoins and is designed to link to existing accounting systems.
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