Japan Prepares for Yen-Backed Stablecoin Launch Amid BOJ Rate Hike Expectations
Japan's financial landscape is poised for a transformative shift with the imminent launch of a blockchain-based yen stablecoin. The Bank of Japan's anticipated rate hike adds urgency to this development, as yield-seeking investors may flock to yen-denominated digital assets.
Tokyo-based JPYC leads the charge, preparing to register as a money transfer business this fall. Their 1:1 JPY-pegged stablecoin promises to streamline trading, remittances, and international payments while avoiding crypto volatility. Not to be outdone, Monex Group is exploring its own yen stablecoin solution targeting cross-border settlements.