Mitsui to launch gold-backed stablecoin ZipangCoin

Trading firm Mitsui and Sumitomo Mitsui Banking, part of the same group, announced the upcoming February launch of the gold-linked stablecoin ZipangCoin (ZPG). Nikkei Asia reports.

Each ZPG will be backed by one gram of gold and guaranteed by Sumitomo Mitsui Banking. The yen-denominated token will reflect the prices of the precious metal formed on the LME.

Plans are in place for ZPG to be listed on cryptocurrency exchanges. Initially, the token will be available on Mitsui’s own registered FSA digital asset platform.

ZPG’s creators expect interest from retail investors as a hedge against financial risk and inflation. Other potential use cases include payments via smartphones in retail networks, as well as paying bills.

Earlier in December, the licensed Swiss crypto bank SEBA announced the release of a gold-backed token.

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