Japan’s JPYC launches country’s first yen-denominated stablecoin
JPYC Inc. launched JPYC, Japan's first legally recognized yen-denominated stablecoin, maintaining a 1:1 peg with the yen.Summary
Japanese fintech firm JPYC Inc. has launched JPYC, the country's first legally recognized yen-denominated stablecoin, which began trading on Monday. The company registered as a fund transfer service provider with Japan's Financial Services Agency in August and launched a dedicated platform, JPYC EX, for issuance and redemption. JPYC is pegged 1:1 to the Japanese yen and operates on Avalanche, Ethereum, and Polygon, backed by 100% reserves in yen deposits and government bonds, adhering to Japan's Payment Services Act. Users can acquire JPYC after identity verification using the My Number card. JPYC Inc. has an ambitious goal of 10 trillion yen ($65.4 billion) in circulation within three years, with several businesses, including Densan System and Asteria, planning to integrate it into their services. This launch follows Japan's June 2023 revision of stablecoin regulations, which mandates registration for issuers and managers.
(Source：The Block)