JPYC in Japan "Plans to Issue Stablecoins on Ethereum, Avalanche, and Polygon"

JPYC, the issuer of the Japanese yen stablecoin, has completed registration as a funds transfer service provider. JPYC is expected to issue its stablecoin on multiple blockchains such as Ethereum (ETH), Avalanche (AVAX), and Polygon (POL).

On the 19th (KST), JPYC officially announced on X (formerly Twitter), "JPYC has been officially registered with the Financial Services Agency as a funds transfer service provider in Japan," adding, "We are now able to issue a stablecoin (electronic payment method) pegged 1:1 to the Japanese yen for the first time in Japan."

In June 2023, Japan institutionalized three types of stablecoins through a revision of the Payment Services Act: ▲bank-issued, ▲trust bank-type, and ▲funds transfer service provider-type. Until now, JPYC had only offered the prepaid token 'Prepaid,' but with this new funds transfer service provider license, it can now launch the official yen stablecoin 'JPYC,' backed by deposits and government bonds.

Going forward, JPYC plans to officially issue its token on major blockchains such as Ethereum, Avalanche, and Polygon. Once issuance and redemption services begin, on/off-ramps between the yen and the stablecoin are expected to become available.