Japan sees launch of its first yen-backed stablecoin, JPYC

JPYC President Noriyoshi Okabe said that the stablecoin has already garnered interest from seven companies that are looking to incorporate it into their services.

Tokyo-based fintech firm JPYC has launched Japan’s first yen-backed stablecoin along with a platform to issue the new coin, amid a growing global race to corner the growing market.

The Japanese yen stablecoin JPYC went live on Monday and is backed one-to-one by bank deposits and government bonds, and also has a 1:1 exchange rate with the yen, the company said on Friday.

At a press conference in Tokyo, JPYC President Noriyoshi Okabe said the stablecoin from his company is a “major milestone in the history of Japanese currency,” and has also attracted interest from seven companies planning to incorporate it, according to a report from Business Insider Japan.  

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