Japanese fintech firm JPYC is set to be the first officially recognized issuer of a yen-backed stablecoin in Japan, pending regulatory approval from the Financial Services Agency. The company plans to issue nearly $7 billion worth of the token within three years. Global interest in stablecoins has surged, with a combined market capitalization of around $250 billion. Japan’s stablecoin legislation, which came into effect in June 2023, aims to regulate stablecoin activities in the country. JPYC’s CEO emphasizes that the stablecoin is an electronic payment method, not a speculative cryptocurrency.

Read more at Yahoo Finance: JPYC Expects to Secure Approval for Japan’s First Regulated Yen-Backed Stablecoin