G.U.Group, Inc. (Headquarters: Shibuya, Tokyo; Representative Directors: Hidekazu Kondo, Daimei Inaba; hereinafter “our company”), a provider of Web3 solutions including stablecoin issuance and management systems as well as blockchain infrastructure, is pleased to announce the successful completion of a proof-of-concept experiment in collaboration with Aozora Bank, Ltd. (Headquarters: Chiyoda, Tokyo; President and CEO: Hideto Omi; hereinafter “Aozora Bank”) for the issuance of Japan’s first*¹ trust-beneficiary stablecoin, provisionally named “aJPY,” on the mainnet of Japan Open Chain, an Ethereum-compatible public blockchain operated by Japanese enterprises.
◽️ Background
Stablecoins, as digital currencies operable on blockchain networks, are gaining prominence due to their ability to facilitate instant and low-cost domestic and international payments, reduce intermediary costs as programmable money, and serve as a convenient settlement method for Real World Assets (RWA) and NFTs in Web3 applications. The global stablecoin market has already reached an estimated 32 trillion JPY in market capitalization, highlighting its growing importance.
In Japan, the enactment of the revised Payment Services Act on June 1, 2023 officially recognized stablecoins as a legal means of payment and remittance, prompting several domestic banks to explore their issuance.
As a company that has received investment from the Aozora Bank Group, we conducted this proof-of-concept experiment to validate the legal and technical feasibility of stablecoins as a new and efficient payment method, as well as to explore their potential as a business opportunity. The experiment utilized “G.U.Coin Studio”, a stablecoin issuance and management platform developed by our group company, G.U.Technologies Inc., to issue a trust-beneficiary stablecoin on the Japan Open Chain mainnet, with Aozora Bank serving as the trustee.
◽️ Overview of the Experiment
Through this experiment, we successfully executed a comprehensive process including the issuance, transfer, and redemption of the trust-beneficiary stablecoin, conducting technical verifications on an actual blockchain network and assessing the trust operations required for stablecoin management.
Notably, all stablecoins issued during this experiment have been fully redeemed following the completion of testing.
Moving forward, we will continue to explore various aspects of stablecoin issuance, aiming to enhance the practicality and reliability of stablecoins for general circulation and promote their adoption in the Japanese market.
◽️ "Japan Open Chain" is a blockchain optimized for financial businesses, supporting the issuance and circulation of stablecoins
Validators
.png?width=4233&height=900&name=logo_horizontal_primary%20(2).png){kind=logo}
CORGEAR, a startup within the Sony Group, NTT Communications from the NTT Group, Dentsu, TIS, and other leading industry companies have been selected as validators (blockchain operating partners) through a rigorous approval process. Together, they operate a public blockchain that is Ethereum-compatible (Layer 1). Designed to comply with Japanese laws, this blockchain provides a practical infrastructure that can be used safely, securely, and affordably by anyone around the world. It is particularly optimized for use in the financial and business sectors.
Official Website | X (Twitter) | Discord
◽️ About Aozora Bank
Aozora Bank is committed to supporting the growth of startups through its “Aozora Startup Ecosystem”, leveraging the expertise and capabilities of its group companies to provide comprehensive financial services.
As a pioneer in Japan’s venture debt market, Aozora Corporate Investment offers financing solutions tailored to startups at different stages of their growth. Additionally, GMO Aozora Net Bank, under the motto “Everything for our customers – Striving to be Japan’s No.1 Technology Bank”, provides agile and technology-driven financial services that cater specifically to startup businesses.
Moving forward, the Aozora Bank Group will continue to harness its collective strength to foster innovation and explore new business opportunities in collaboration with startups.
【Company Overview】
Company name: Aozora Bank, Ltd.
Head Office: 6-1-1 Kojimachi, Chiyoda-ku, Tokyo 102-8660, Japan
Representative Director and President: Hideto Oomi
Date of establishment: April 1957
URL ：https://www.aozorabank.co.jp/english/