Tokyo-based JPYC introduces Japan’s first yen-backed stablecoin, JPYC, with a 1:1 exchange rate with the yen, attracting interest from seven companies. The global stablecoin market, valued at over $308 billion, sees dominance from USDT and USDC, with US dollar stablecoins already established in Japan.

JPYC launches JPYC EX, a platform for issuing and redeeming the stablecoin, allowing users to deposit yen via bank transfer and receive JPYC to a registered wallet address or refund in yen. The company aims to reach a 10 trillion yen issuance balance in the next three years and create new social infrastructure.

Monex Group plans to launch a yen-pegged stablecoin, potentially joining other contenders like Japan’s largest banks aiming to issue a yen-pegged stablecoin. Japan’s Financial Services Agency may review regulations to allow banks to hold cryptocurrencies like Bitcoin for investment purposes.

Read more at Cointelegraph: Tokyo Fintech JPYC Unveils First Yen Backed Stablecoin