Japanese megabank, Mizuho Financial Group, who oversee $1.8 trillion in total assets will launch their own stablecoin cryptocurrency on March 1 according to local financial newspaper Nikkei Asian Review.

Named J-Coin, the report suggests that the coin will be used for payments and remittance services. Not only that, each existing bank account will be directly linked with J-Coin digital wallets, giving ample opportunity 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.

Mizuho’s J-Coin
Mizuho’s J-Coin

The coin is a stable one meaning it will remain at a fixed price, which means customers won’t be scrolling up and down coin market cap like the rest of us. Per the Nikkei report, J-Coin will be 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.

Japan is already a popular market for Bitcoin and other cryptocurrencies, and Mizuho Financial Group with their JCoin are looking to tap into this by allowing users to spend the cryptocurrency at retail stores throughout Japan. Mizuho reportedly hopes to onboard a minimum of 300,000 stores and sign up at least 6.5 million users within a few years, with potential links to Familymart and East Japan Railway in the works. They have looked to attract merchants with the fact that they charge lower transaction fees than credit cards do, which will be somewhere below the 2 to 5% mark. This move to retail usage and acceptance mimics that of Line, a payment app in Japan that has their own cryptocurrency.

This new development could have serious positive or negative ramifications for those in the crypto space. With this groundbreaking move, this could start to undercut crypto exchanges for the mainstream market, with your average Joe without a doubt preferring this method of digital currency. However, with more and more exposure from huge financial institutions, the recognition and acceptance of crypto will no doubt grow.