Orix Bank, Binance eye stablecoin offerings in Japan

Currency-linked tokens hold promise for slashing business transaction costs

Binance is among the players looking at Japan's fledgling stablecoin market. © Reuters

KEITA SEKIGUCHI, Nikkei fintech editor, and YUKI NAKAMURA, Nikkei staff writer

September 26, 2023 06:54 JST

TOKYO -- Japan's Orix Bank and global cryptocurrency exchange group Binance Holdings are among the companies weighing plans to issue stablecoins in Japan, moves that could lead to faster, lower-cost transactions for businesses.

Stablecoins are digital tokens designed to track legal tender, gold or other assets to maintain price stability. Tether and USD Coin are leading examples.