BTCC
/
BTCC Square
/
Global Cryptocurrency
/
Japan Nears Approval of First Yen-Backed Stablecoin, JPYC
Japan Nears Approval of First Yen-Backed Stablecoin, JPYC
11
1
BTCCSquare news:
Japan is poised to greenlight its inaugural yen-backed stablecoin, JPYC, as early as October. The Financial Services Agency's forthcoming approval follows a 2023 regulatory overhaul classifying stablecoins as currency-denominated assets. Tokyo-based fintech firm JPYC will issue the token, backed by yen reserves including bank deposits and government debt.
The stablecoin targets cross-border remittances, corporate payments, and decentralized finance markets. JPYC aims to sell ¥1 trillion ($6.8 billion) worth of tokens within three years. Only licensed financial institutions—including the soon-to-be-registered JPYC as a money transfer service—can issue such assets under Japan's new framework.
By:
