Summary
- Japan's TIS said it will launch a blockchain-based multi-token platform in collaboration with the developer of Avalanche.
- The platform was designed to respond to increasing demand for stablecoins and tokenized assets.
- TIS handles half of all credit card transactions in Japan and operates a payment system handling ¥300 trillion annually.
Japan's leading payment infrastructure company TIS is launching a blockchain-based multi-token platform in collaboration with Ava Labs, the developer of Avalanche (AVAX). The platform was designed to meet rising demand for stablecoins and tokenized assets.
According to CoinDesk on the 28th (local time), TIS developed the new platform using Ava Labs' enterprise blockchain solution 'AvaCloud'. The system is designed to support the issuance, settlement, and management of stablecoins, tokenized deposits, and future central bank digital currencies (CBDCs) in accordance with Japan's Payment Services Act.
John Nahas, Ava Labs' Chief Business Officer, said, "Japan's incumbent financial institutions are moving toward 'upgrading' financial infrastructure through blockchain rather than disrupting existing systems."
Meanwhile, TIS processes half of all credit card transactions in Japan and handles approximately ¥300 trillion in payments annually through its payment system 'PAYCIERGE'.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
