Japan became one of the first major economies to introduce a legal framework for a stable currency. The collapse of the dollar pegged terrausd stable currency last month has made this cryptocurrency the focus of global attention The Japanese parliament passed a bill on Friday, clarifying the legal status of the stable currency and defining it as a digital currency in essence
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Under the new law, the stable currency must be linked to the Japanese yen or other legal tender, and the holder is guaranteed the right to redeem them at face value.
This legal definition actually means that the stable currency can only be issued by licensed banks, registered transfer agents and trust companies. The bill does not cover the existing asset-backed stable currency of overseas issuers such as tether, or their algorithm counterparts. Japan's crypto exchange has not yet provided stable currency trading services.
After the terrausd crash, governments around the world are competing to build a fence for the stable currency. According to the data compiled by coingecko, the total market value of such tokens is about US $161billion, and the largest ones include tether, USD coin and binance USD.