Japan passed a legal framework around stablecoins, essentially | Crypto Dive

Japan passed a legal framework around stablecoins, essentially establishing them as a digital currency. The stablecoin must be tied to the yen or another legal currency and be redeemable for a face value. But there is a catch, sfablecoins can only be issued by registered financiers. This makes these stablecoins basically iedentical to the currency you have in your bank account, but just on the blockchain. So the only value these stablecoins bring is to the financial institution and government because these stablecoins could serve as a smooth transition to Central Bank Digital Currency (CBDC).

https://www.bloomberg.com/news/articles/2022-06-03/japan-passes-stablecoin-bill-that-enshrines-investor-protection