JPYC Aims to Expand Yen-Pegged Stablecoin Footprint with Japanese Government Bond Investments

JPYC, the issuer of a yen-pegged stablecoin, has unveiled ambitious plans to significantly increase its holdings of Japanese government bonds over the coming years. Since its launch on October 27, the company has already issued ¥143 million ($950,000) worth of JPYC tokens and attracted 4,707 account holders as of November 12.

The stablecoin provider targets issuing ¥10 trillion ($66.3 billion) within three years, though this WOULD represent just a fraction of the $290 billion global stablecoin market. CEO Noritaka Okabe emphasized the strategic imperative for Japan to establish a yen presence in a market where dollar-denominated stablecoins command 99% dominance.

"Japanese corporations face unnecessary friction costs when forced to transact exclusively in dollar stablecoins," Okabe told Reuters. The executive highlighted how blockchain's global, real-time settlement capabilities make currency diversification imperative for Japan's financial ecosystem.