An inflation hedge in deflation-prone Japan? At least that’s what Mitsui & Co. is preparing to offer via a coin that may be available as early as this month. According to Nikkei, the trading house is planning a cryptocurrency linked to the yen-denominated price of one gram of gold.
Gold is a sideshow in the blockchain world. When it comes to backing a token with a fiat currency or another asset to stabilize its price, the dollar is by far the more popular choice. Tether, which promises 1:1 conversion into the U.S. currency, has a market capitalization of nearly $80 billion, according to CoinGecko, compared with under $500 million for Tether Gold and a little less than $400 million for Pax Gold.
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