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Initially drafted as a bill in December of last year, Japan became the first developed country to recognise stable-coins as a form of legal tender. 

The bill was passed as a law on Friday to regulate cryptocurrencies that are pegged to the yen or other currencies.

This move comes as a measure to protect investors from unfortunate incidents like Terra/USD’s crash, a stable-coin unregulated by governments.

The new law considers stable-coins as digital tender and guarantees holders the right to redeem them at face value. 

The new law revises the payment services law; stable-coins can be issued by licensed banks, registered money transfer agents and trust companies. 

The bill was proposed by Japan’s Financial Services Agency (FSA). Stable-coins have a combined market value of around 20 trillion yen ($154 billion).