BTCC
/
BTCC Square
/
Global Cryptocurrency
/
Japan Approves Yen-Backed Stablecoins, Starting with JPYC
Japan Approves Yen-Backed Stablecoins, Starting with JPYC
11
1
BTCCSquare news:
Japan is set to authorize yen-pegged stablecoins this autumn, with fintech firm JPYC leading the initiative. The MOVE marks the country's first full regulatory approval for fiat-backed stablecoins, aiming to capture a share of the $250 billion global stablecoin market dominated by dollar-linked tokens like USDC and Tether.
Tokyo-based JPYC Inc. will register as a money transfer operator by month-end, issuing tokens at a fixed 1:1 yen ratio backed by bank deposits and government bonds. The tokens will operate on public blockchains, bypassing proprietary infrastructure. Japan's strategy focuses on streamlining cross-border payments and remittances through its sovereign currency.
By:
