Crypto Garage, a fintech subsidiary of internet group Digital Garage, has launched its SettleNet platform to test issuing a Japanese yen-pegged stablecoin, the company has announced today.
The project is going to run for a year, and the new stablecoin will be traded against Liquid bitcoin. SettleNet allows a simultaneous peer-to-peer exchange of crypto assets thanks to the use of atomic swap technology, Crypto Garage said.
“This will enable rapid, secure and confidential transfer of the crypto assets while eradicating counterparty risk,” Crypto Garage wrote. “In addition, SettleNet will provide the regulatory authorities with the functionality to monitor any unlawful trade, including money laundering.”
This proof-of-concept project is one of the first initiatives authorized for use in the Regulatory Sandbox in Japan. During this project, all interested crypto exchanges with a Japanese Virtual Currency Exchange License will be able to use SettleNet for free.