Blockstream is partnering with Japanese fintech giant Digital Garage to bring a JPY stablecoin to the Bitcoin network.To spearhead the project, Blockstream and the ¥120 billion (just over $1 billion) firm are working under the label Crypto Garage with the help of Tokyo Tanshi, the “largest inter-dealer broker in Japan w/ billions in trades daily,” according to Samson Mow, Blockstream’s chief strategy officer.The collaborative is building the yen-pegged coin (JPY-TOKEN) on Blockstream’s Liquid network, a Bitcoin sidechain that tacks additional technical features onto the blockchain, like smart contracts.It’s also the inaugural asset for SETTLENET, a new Liquid product suite that Blockstream claims will “enhance trading efficiency and security for participants in the Bitcoin market.”“SETTLENET will definitely make it easier for Liquid Issued Assets to be created. Currently savvy users can already create assets with command line tools, but having GUI’s and frameworks for asset issuance will speed up adoption,” Mow wrote to Bitcoin Magazine via email.Leveraging SETTLENET, Crypto Garage’s JPY-TOKEN can be atomic swapped for L-BTC, a Liquid asset token that maintains a 1-1 peg to bitcoin on the Bitcoin mainnet. Like its dollar, pound and euro counterparts, JPY-TOKEN will go 1-for-1 with the yen.By the BookThe partnership has Blockstream embedded with two of Japan’s fintech heavyweights, so Blockstream is oper...
