Japan Launches World’s First Yen-Denominated Stablecoin, Challenging Dollar Dominance
Japan is set to debut the world's first yen-pegged stablecoin on Monday, marking a pivotal moment for blockchain integration into mainstream finance. Tokyo-based startup JPYC will issue the fully convertible digital currency, backed by domestic bank deposits and Japanese government bonds. The MOVE tests demand for a digital yen proxy while circumventing transaction fees at launch—a strategic play to spur adoption.
The rollout coincides with global policymakers reevaluating digital money's role in traditional finance. U.S. regulatory tailwinds under the TRUMP administration and China's exploration of yuan-backed stablecoins signal accelerating institutional interest. Though dollar tokens still command 99% of the market, Japan's entry could catalyze regional liquidity shifts.
