Japanese regional bank Hokkoku has made waves by becoming the first in Japan to introduce a stablecoin backed by bank deposits. The development has left Japanese crypto enthusiasts wondering about the potential pros and cons. In addition, the utility of the stablecoin is being questioned about.
Japan Bank Launches Tochika Stablecoin
The initiative is taken owing to the success of their Tochituka app, launched last year in partnership with Suzu City government. The app allows citizens can to earn and spend Tochipo points at select local stores. Moreover, existing Hokkoku bank account holders can now utilize the same app to load up their Tochika stablecoin.
This stablecoin is secured by deposits and can be utilized for spending convenience at participating merchants. Furthermore, the move is groundbreaking as Japan is a country where cash still reigns supreme.
Hence, Hokkoku aims to entice retail businesses by offering a competitive merchant rate of just 0.5% for cashless transactions th
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