Kaia Chain now supports JPYC! A first for a fiat-collateralised stablecoin in East Asia
JPYC, a fiat-collateralised stablecoin backed 1:1 by the Japanese yen, has selected the Kaia Chain as a new blockchain platform.
Kaia is a joint blockchain initiative by LINE and KakaoTalk, two of Asia’s leading free communication apps, which uses a cryptocurrency called KAIA to pay gas fees.
Until now, the Kaia Chain had supported three fiat-backed stablecoins: USDT, IDRX and IDRP. With the addition of JPYC—which boasts the largest circulating supply in East Asia—three exchange routes have been established: USDT to JPYC, IDRX to JPYC and IDRP to JPYC. This improvement now enables the exchange of stablecoins directly on the Kaia Chain.
Whilst there is a flurry of competition in East Asia to issue fiat-backed stablecoins, JPYC is the only one to hold a clear lead.
With JPYC supporting four blockchains—ETH, POL, AVAX and KAIA—its overwhelming advantage is likely to be maintained.
This is welcome news, as JPYC’s evolution has made it more user-friendly and powerful than ever before.
