JPYC Launches Japan's First Yen-Denominated Stablecoin
JPYC Inc., a Japanese fintech firm, has launched the country's first stablecoin pegged to the Japanese yen, JPYC, with full support from yen deposits and government bonds.
The launch, approved by Japan's Financial Services Agency, aims to drive digital payment growth in a country where traditional payment methods like cash and credit cards are still prevalent.
- JPYC is fully backed by yen deposits and Japanese government bonds.
- It complies with Japan's Payment Services Act and maintains 100% reserves.
- The stablecoin is pegged 1:1 to the Japanese yen and operates on major blockchains like Ethereum, Avalanche, and Polygon.
CEO Noritaka Okabe said the company wants to support innovation by offering startups lower transaction and settlement costs.
This launch marks a significant step in shifting Japan's long-standing cash-based economy towards digital payments, with growing institutional interest.
Author's summary: JPYC launches Japan's first yen-backed stablecoin.
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