BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Japanese Startup Soramitsu to Utilize Stablecoins and CBDC for Linking Asian Countries in Cross-Border Payment Network

by Dan K
Aug 8, 2023 - 4:56 pm
in Blockchain
Illustration of Japan's flag merged with cryptocurrency symbols, representing the new tax reform on unrealized crypto profits.

Soramitsu Takes the Lead in Cross-Border Payments

Japanese blockchain startup Soramitsu is embarking on an innovative project to facilitate cross-border payments in Asian countries using stablecoins and CBDC.

Deploying Cambodia’s CBDC and Stablecoins

The new system will utilize Cambodia’s CBDC and fiat-pegged stablecoins to target countries like India, China, Japan, and regions such as Southeast Asia.

Leveraging Existing Expertise in CBDC

Building on its experience with the Asian CBDC project Bakong, Soramitsu is extending its reach and services, making digital currency more accessible.

Cambodia’s Bakong: A Growing Platform

Since its launch in 2020, Bakong has expanded its user base to 8.5 million and handled around $15 billion in payments, connecting countries like Malaysia, Thailand, and Vietnam.

Connecting Japan with the Network

With a focus on Japan, Soramitsu is working on enabling cross-border payments with India, China, and Laos, thus weaving Japan into this growing financial network.

A Seamless Currency Exchange

The Japanese startup plans to create an exchange for stablecoins to allow smooth currency conversion for diverse countries, enhancing the user experience in cross-border payments.

Reducing Transaction Fees through Stablecoins

The implementation of stablecoins is expected to bring down transaction fees by bypassing existing interbank payment networks, making the system more cost-efficient.

Collaboration and Partnerships

Soramitsu is teaming up with Vivit, Tama University Center for Rule-making Strategies, and Mitsubishi UFJ Trust and Banking to create the necessary infrastructure for the new system.

These subheadings now appear larger and more prominent, highlighting the key aspects of Soramitsu’s groundbreaking project.

Conclusion: Pioneering the Future of Cross-Border Payments in Asia

Soramitsu’s ambitious project represents a significant step forward in the world of cross-border payments, specifically targeting the diverse and rapidly growing Asian market. By utilizing stablecoins and CBDCs, the company is not only making transactions more efficient and affordable but is also fostering greater financial inclusivity across different nations.

The collaboration with established institutions, the development of a seamless currency exchange system, and the focus on reducing transaction fees, all paint a promising picture for the future of digital finance in the region.

As Asian countries continue to embrace digital transformation, Soramitsu’s innovative approach could serve as a model for others, shaping the financial landscape in ways that make cross-border transactions more accessible, affordable, and secure.

This groundbreaking initiative may very well be a harbinger of what’s to come in the evolving world of global finance, setting new standards and opening doors for enhanced international collaboration and connectivity.

Tags: AsiaBlockchainCBDCJapan
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Exterior view of the Czech National Bank building in Prague, symbolizing the institution’s financial strategies and innovation.

Bank of England Governor Says Stablecoins Could Reduce Reliance on Banks

October 1, 2025

Andrew Bailey says stablecoins could reduce UK reliance on commercial banks by separating money from credit, signaling a...

blockchain

Spacecoin Executes First Blockchain Transaction Through Space

October 1, 2025

Spacecoin has achieved the first-ever blockchain transaction through space using a nanosatellite, marking a milestone for decentralization and...

The headquarters of the Autorité des Marchés Financiers (AMF) Investor in Paris, France, the regulatory body warning investors against ByBit.

French Officials Pressured Telegram to Censor Moldova Election Posts: Durov

September 28, 2025

Pavel Durov revealed French intelligence pressured Telegram to censor Moldova election content in 2024, which he refused, citing...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Bitcoin skepticism fades as nations gear up for adoption, says Samson Mow

September 28, 2025

Samson Mow predicts nation-states will move from skepticism to rapid Bitcoin adoption, fueling global FOMO and a rush...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service