Japan’s Stablecoin Shenanigans: Banks, Blockchain, and a Dash of Drama

Ah, Japan! Land of sushi, sakura, and now, stablecoins. Sumitomo Mitsui Financial Group (SMBC), that titan of Japanese banking, has decided to dabble in the digital realm. Alongside TIS Inc, Ava Labs (the brains behind Avalanche), and Fireblocks (the digital asset maestros), they’ve inked a Memorandum of Understanding. The goal? To explore the thrilling world of stablecoins pegged to the US dollar and Japanese yen. Riveting, isn’t it? 🎭

But wait, there’s more! This merry band of financial wizards isn’t stopping at mere currency. Oh no, they’re eyeing tokenized real-world assets—stocks, bonds, real estate. Because why settle for boring old money when you can have tokenized everything? 🏦💸

Stablecoins, darling, are the belle of the ball in crypto regulation. Venture capitalists are practically salivating over them, and nation-states are pushing them to the forefront of their digital asset strategies. 2025, mark your calendars! 📅

Meanwhile, across the pond, the US is making stablecoins the centerpiece of its digital asset policy. At the White House Crypto Summit, US Treasury Secretary Scott Bessent declared that stablecoin regulation is key to President Trump’s dream of crypto world domination. Because nothing says “Make America Great Again” like a tokenized dollar. 🇺🇸💵

Bessent waxed poetic about how stablecoins will protect US dollar hegemony. Centralized overcollateralized stablecoins, backed by US Treasury instruments and fiat money, are the new guardians of global finance. Move over, Fort Knox! 🏰

And who’s leading the charge? Tether, of course! CEO Paolo Ardoino proudly announced that Tether is now the seventh-largest buyer of US Treasury bills, outshining countries like France and the UK. Take that, Europe! 🇫🇷🇬🇧

Stablecoin issuers like Tether and Circle are raking in the yield from US debt instruments. But here’s the twist: calls are growing to share that yield with customers. Coinbase CEO Brian Armstrong is leading the charge, proposing that stablecoin laws be changed to allow firms to distribute yield onchain. How generous! 💰

Not everyone is on board, though. US Senator Kirsten Gillibrand is waving the caution flag, warning that sharing yield with clients could disrupt the banking industry. Mortgages, small business loans, local bank lending—all at risk! The horror! 🚨

Read More

• The Last of Us season 2 confirms spring 2025 release on HBO

• Cookie Run: Kingdom Version 6.4 mid update brings Beast Raid, Boss Rush Season 2-2 and more

• Netmarble announces Game Of Thrones: Kingsroad, with the open-world RPG coming to Mobile and PC in 2025

• Mission: Impossible The Final Reckoning Review: An Adrenaline-Fueled Homage

• Deadly Dudes Hero Tier List

• The Handmaid’s Tale season 6: Everything we know about the final season

• DreamHack Dallas meets IEM Dallas 2025: Everything to know and how to secure your tickets

• Cookie Run: Kingdom Pure Vanilla Cookie (Compassionate) Guide: How to unlock, Best Toppings, and more

• Clash Royale Best Boss Bandit Champion decks

• Original The Elder Scrolls IV: Oblivion Designer Says Bethesda’s Remaster Is So Impressive It Could Be Called ‘Oblivion 2.0’

2025-04-02 18:58