The coin will be called J-Coin (“J” presumably for Japan).
The megabank is teaming up with 60 or so fellow financial institutions spanning most of the country. They together host a combined 56 million user accounts, which serve directly as digital wallets on the J-Coin Pay platform.Source
Not only will the coin be used for remittance payments, it will also be used for Retail payment, target, the loyalty/points market set by Line and Rakuten.
As reported, each existing bank account will be directly linked with J-Coin digital wallets, making it easy for the stablecoin to be adopted by consumers. The J-Coin currency will be managed by users via a dedicated mobile application dubbed J-Coin Pay, which will feature retail crypto payments via QR codes at checkout.
Per the Nikkei report, J-Coin will be a stablecoin fixed at a price of 1 yen (~$0.01 USD) per unit, which can be transferred between J-Coin wallets and Mizuho bank accounts free of charge.
Mizuho reportedly aims to onboard a minimum of 300,000 stores and sign up at least 6.5 million users within a few years. While these numbers seem quite large, in reality, Mizuho is not setting the bar too high.
For instance, the popular chat app provider, Line, who launched their own cryptocurrency, already have 79 million Japanese users and are currently supported at 1.3 million stores.
It would be interesting to see how more and more of these stablecoins will link tot he crypto-exchanges (for those wanting to cross-trade on these coins). Do listen to an interview by Andy Bryant, COO of bitFlyer Europe on Around The Coin who spoke earlier about the need for licensed crypto-exchanges who will bridge these stable coins to the regular users.