Japan’s cashless payment platform NETSTARS and Singapore-based imToken, a Web3 wallet provider, will explore collaboration toward the real-world adoption of stablecoin payments.
In a statement on Thursday, NETSTARS said it had signed a non-binding memorandum of understanding (MoU) with imToken. The two sides will examine integrating imToken’s wallet infrastructure with Stablecoin Pay, NETSTARS’ stablecoin payment service developed under its StarPay-X gateway concept, a design meant to connect Web2 and Web3 financial services.
They aims to build an environment for stablecoin payments at physical stores in Japan and to explore expanding adoption across Asia.
For NETSTARS, the memorandum is a step toward multi-wallet support under StarPay-X. By adding a widely used wallet as an option, NETSTARS can broaden the choices available to users and further promote stablecoin payments at physical stores in Japan.
NETSTARS launched Stablecoin Pay in July under StarPay-X. In August, it ran a proof-of-concept trial of point-of-sale payments using the USDC, USDT, and JPYC stablecoins at Lawson stores. Stablecoin Pay can support multiple blockchains, wallets, and coins.
imToken’s non-custodial wallet has more than 20 million users across over 150 countries and regions and supports blockchains, including Bitcoin and Ethereum. The cooperation can let its users in Japan, and those travelling there, pay with stablecoins at physical stores, extending wallet use from on-chain activity into everyday spending.
NETSTARS, founded in 2009 and based in Tokyo, operates the StarPay cashless-payment platform and says it was the first in Japan to offer QR-code payment for inbound travellers. imToken, a Series B company founded in 2016 and headquartered in Singapore, provides a non-custodial Web3 wallet.