Japanese giant Mitsui will issue Stablecoin backed by gold and the company's guarantees
The commodities trader Mitsui jointly with partner Sumitomo Mitsui Banking will launch its own ZipangCoin Stablecoin (ZPG) in February 2022. The crypto asset will be pegged to gold and backed by company guarantees.
Why is it so important?
- Creating a new crypto asset with guarantees from a well-known Japanese company will become a new tool for trading on crypto exchanges.
According to Nikkei Asia, one ZipangCoin will be equal to one gram of gold. Nominated in Japanese yen, they will reflect quotations of the London Metal Exchange (LME). Initially, stablecoin will be available on Mitsui's own digital asset platform. However, there are already plans to list ZPG on cryptocurrency exchanges.
The creators believe that their digital asset can be used as a means of protection against financial risks, inflation, as well as a means of payment for goods and services.
As a reminder, this is not the first stablecoin pegged to gold. In early December 2021, Swiss bank SEBA launched its own token backed by gold.