🇯🇵 Japan Unveils JPYC — First Yen-Backed Stablecoin Aims for ¥10 Trillion

JPYC, a Tokyo-based fintech firm, has officially launched JPYC, the country's first yen-backed Stablecoin, alongside a dedicated platform for its issuance. The JPYC Stablecoin is pegged to the Japanese yen at a 1:1 ratio and is securely backed by bank deposits and government bonds.

Noriyoshi Okabe, President of JPYC, stated at a press conference that the company's Stablecoin represents a "major milestone in the history of Japanese currency" and has already attracted interest from seven companies planning to integrate JPYC into their services. This launch occurs amid a significant global expansion of the Stablecoin market, now exceeding $308 billion in total market capitalization, a domain largely dominated by US dollar-pegged assets like USDT and USDC.

In tandem with the coin, JPYC introduced JPYC EX, a platform specifically designed for token issuance and redemption. This platform operates under stringent regulatory compliance, particularly the Act on Prevention of Transfer of Criminal Proceeds, ensuring strict identity and transaction verification. Users can transfer Japanese yen via bank transfer to receive JPYC in a registered wallet and can also redeem their JPYC back into yen in a withdrawal account.

In the long term, JPYC aims to achieve an issuance balance of 10 trillion yen over the next three years and is committed to creating a new social infrastructure through its Stablecoin. The Japanese Stablecoin market is poised for rapid growth, as other contenders are emerging; three of Japan’s largest banks (Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho Bank) are also planning to jointly issue a yen-pegged Stablecoin on MUFG's platform.