Japan sees launch of its first yen-backed stablecoin, JPYC

Tokyo-based fintech firm JPYC has launched Japan’s first yen-backed stablecoin, JPYC, aiming to compete in the rapidly growing global stablecoin market dominated by dollar-pegged assets. The JPYC coin is backed one-to-one by bank deposits and government bonds, maintaining a 1:1 exchange rate with the Japanese yen. Alongside the launch, the company introduced JPYC EX, a platform for issuing and redeeming the token under strict identity verification rules mandated by anti-money laundering legislation. JPYC President Noriyoshi Okabe called the launch a "major milestone" and noted interest from seven companies looking to integrate the stablecoin. The company has ambitious long-term goals, aiming for an issuance balance of 10 trillion yen within three years. JPYC faces potential competition, as Monex Group and a consortium of Japan's largest banks (Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho) are also planning to issue their own yen-pegged stablecoins.

(Source：Cointelegraph)