Japan launches world's first yen-pegged stablecoin 'JPYC'

Uk Jin

Summary

It announced that the world's first yen-pegged stablecoin will be issued in Japan.
JPYC said it is fully backed by domestic deposits and Japanese government bonds, and can be exchanged 1:1 for yen.
JPYC said it will operate with no transaction fees, and plans to generate revenue through the interest income from Japanese government bonds.

The world's first yen-pegged stablecoin will be launched in Japan.

According to Reuters on the 27th (Korean time), Japanese startup JPYC plans to issue the stablecoin on that day, fully backed by domestic deposits and Japanese government bonds (JGB).

JPYC said its stablecoin can be exchanged 1:1 for yen and that there are no transaction fees. Instead, it plans to generate revenue through interest income from Japanese government bonds.

Ryuzo Himino, Deputy Governor of the Bank of Japan (BOJ), said last week, "Stablecoins could play an important role in global payment systems," and stressed that adaptation of global regulations is necessary for this.

JPYC