Public chain of issuance and high affinity with Web 3.0.
It makes no sense if we don't create something safer, more convenient and more efficient than banks. The next vision of JPYC, the pioneer of domestic stablecoins.
Advantages of stablecoins
In light of the implementation of the revised Funds Settlement Law, what are your thoughts on how stablecoin will be used in Japan in the future?
Noritaka Okabe (Okabe): I think that the first stage will be the use and spread of stablecoins in Web 3.0, in other words, among NFTs and blockchain games. In the medium to long term, I think it will also spread to corporations that use NFTs to buy and sell, and I hope that this will happen. Beyond that, stablecoin will be used in the form of automated transactions when trading with DAOs and AI.
What advantages do you think individuals and businesses will enjoy by using stablecoin compared to existing finance?
Okabe: In comparison to bank payments, stablecoin payments are safer and more convenient. There are risks with bank payments, such as special fraud, and in terms of efficiency, there is the problem of rising fees. In terms of convenience, it is also difficult to handle through programmes. Stablecoin will become more efficient and easier to handle in the future as standards around the world are standardised.
In terms of areas such as bank reliability, there is currently an increase in fraudulent money transfers. In the past, banks have explained that they are safe because they have properly verified the identity of the person sending the money and the money is transferred between them. Unfortunately, however, we are now in an era where identity documents such as driving licences can be forged, and there are a great many fictitious accounts.
If bank-style identity verification is collapsing, then it would be more efficient to use the blockchain to capture the flow of money.
With the majority of people not having wallets, what do you think about onboarding people who don't have wallets?
Okabe: While the penetration rate of wallets has to be as high as that of bank accounts to be called widespread, I think there are two main ways.
One is for the three major mobile carriers to install it as standard equipment. The other is for companies like Apple and Google to make it a standard feature. More to the point, killer apps are on the way. If a killer app like Pokémon Go appears, which is installed by people all over the world, it will spread quickly.
