📣 Nomura Holdings, GMO Internet Group, and Laser Digital Holdings are teaming up to issue JPY and USD stablecoins in Japan. The trio aims to explore the issuance, redemption, and circulation mechanisms of a JPY/USD stablecoin business. CEO of Nomura, Kentaro Okuda, believes stablecoins will play a vital role in financial markets. This comes after Japan's government passed legislation in 2022, establishing a clear regulatory framework for stablecoins. However, algorithmic stablecoins like TerraUSD have faced scrutiny, emphasizing the need for stablecoins backed by actual fiat reserves. 💴💵💰