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Digital Currency/Stablecoin/Tokenization Series: Crypto Garage Launches Yen-Pegged Stablecoin On ‘SETTLENET’
Stablecoins have gained a remarkable popularity among the cryptocurrency space of late, ‘Crypto Garage’, a subsidiary of a Japanese fintech company developing blockchain financial services and also a subsidiary of Digital Garage, Inc launches the commercial services for “SETTLENET” which is specialized in OTC settlement platform for trading companies, exchanges, asset managers and brokers in the crypto asset space.
Crypto Garage has been trailing “SETTLENET” with the various market participants and regulators under the Government of Japan’s regulatory sandbox scheme since January 2019 and this settlement platform appears to be conducive for the crypto trading companies, exchanges, asset managers and brokers looking for faster settlement of OTC trades on a ticket by ticket basis and access to the Japanese crypto OTC market using our JPY fiat backed token.
The emergence of stablecoin arises because of the wild volatility associated with other crypto assets such as bitcoin. Is the cryptocurrency, in reality, immune to the inflation? It’s a feature of the low-inflation era that very few governments or central bankers want a strong currency. That’s just one considerable reason as to why Bitcoin is doing so well. Strong currencies depress inflation, at least temporarily, and if their impact on competitiveness is exaggerated, it’s still enough to make them take the blame for jobs being lost to other cheaper-currency producers. In the event of hyperinflation or total market collapse, it might end up more fungible than the local fiat currency.
The emergence of bitcoin and subsequent blockchain technologies has generated a new digital asset class in which scarcity is based on mathematical properties. Through cryptographic verification and game-theoretic equilibrium, blockchain-based digital assets can be created, issued, and transmitted using software.
Hence, many sovereign countries are pushing hard for the regulatory frameworks of CBDC (central bank’s digital currency) and other cryptocurrencies & stable coins.
“SETTLENET” is based on the “Liquid Network,” which is a sidechain developed by Blockstream Corporation, a company with world-leading technology and knowledge in the Bitcoin blockchain field. Together with this settlement service, yen-denominated token, “SETTLENET JPY (ticker symbol: JPYS),” is issued and can be used as a method of payment for the settling of digital assets between professional users with the aim to have a seamless fiat based settlement experience.
The main features of SETTLENET are non-custodial where the users have control over their own assets without needing to deposit their assets to a third party.
Secondly, instant settlement option, the OTC transactions are done in a RFQ chat session and when an order is matched, the trade would be executed STP (straight through processing) using atomic swap on the Liquid Network.