Japan's Financial Services Agency (FSA) is set to approve the first yen-backed stablecoin. The new currency, named JPYC, is being developed on an Ethereum basis.
Features of Yen-Backed Stablecoin
JPYC will be issued by JPYC Inc., which is set to be officially registered as a money transfer firm by the end of the month. Following registration, JPYC Inc. aims to issue about 7 billion dollars worth of JPYC within the next three years. The stablecoin is designed to maintain a constant value against the Japanese yen, shielded from sudden market fluctuations.
Intended Use in International Money Transfers
The stablecoin is not limited to domestic transactions. It is also intended for effective use in international money transfers, potentially reducing fees and speeding up transactions. Experts suggest this initiative could bolster Japan’s position in the digital asset market.
Impact on Japan's Digital Assets Market
The launch of JPYC is seen as adding a new dimension to Japan’s digital yen projects. Industry representatives believe this cryptocurrency could pave the way for innovative financial services within the national economy. An official announcement from the FSA is expected soon.
The launch of JPYC could reshape the digital currency market in Japan and potentially have significant effects on regional and global financial systems.
