TIS, one of Japan’s largest payment infrastructure providers, has launched a new blockchain-based multi-token platform in collaboration with Avalanche (AVAX) developer Ava Labs in response to the growing demand for enterprise blockchain.
This system, called the Multi-Token Platform, was developed using Avalanche’s enterprise-focused infrastructure solution, AvaCloud. The platform aims to support the issuance, exchange, and management of stablecoins and tokenized assets under Japan’s Payment Services Act.
Under this initiative, TIS plans to work with banks, private companies and public institutions to promote global adoption of the platform.
TIS owns the PAYCIERGE system, which handles half of Japan’s credit card transactions and processes approximately ¥300 trillion (about $2 trillion) in payments annually. The company’s move to blockchain is seen as part of its strategy to transform traditional financial infrastructure with blockchain, rather than disrupt it.
“Established financial institutions in Japan are turning to blockchain to upgrade the system, not replace it,” John Nahas, head of business development at Ava Labs, said in a statement.
The new platform is designed to meet the stringent security and performance standards of the Japanese financial industry, with a capacity of 50,000 transactions per second and instant settlement features.
AvaCloud CEO Nick Mussallem stated that if the project is successful, it could form the foundation of Japan’s digital finance infrastructure. The platform will support real-time payments, embedded finance solutions, and, in the future, central bank digital currency (CBDC) testing.
“We will work in collaboration with financial institutions, companies and public institutions to promote the global adoption of this next-generation financial infrastructure, based in Japan,” said Isao Otokita, Executive Director of TIS.
*This is not investment advice.