Tokyo-based Monex Group is considering issuing a Japanese yen-pegged stablecoin to stay competitive in the market. The stablecoin would be backed by assets like Japanese government bonds, redeemable 1:1 with yen, and used for international remittances and corporate settlements. Monex plans to leverage Coincheck and Monex securities brokerage for expansion.

The Financial Services Agency (FSA) in Japan is poised to approve Japanese yen-denominated stablecoins this fall, marking the country’s first domestic fiat-pegged digital currency. This move comes after the approval of Circle’s US dollar-pegged stablecoin, USDC, in late March, as Japan’s stablecoin regulations begin to soften. The FSA also lifted the ban on foreign stablecoins in 2023, signaling a shift in the stablecoin ecosystem in Japan.

Read more at Cointelegraph: Tokyo’s Monex Considers Launching Domestic Yen Stablecoin