The Tokyo-based fintech company JPYC has launched Japan's first yen-backed stablecoin. At the same time, the company has also launched a platform for issuing this new currency. This move comes as global competition in the stablecoin market intensifies.
According to the company, the Japanese yen stablecoin JPYC officially went live on Monday, supported by bank deposits and government bonds, maintaining a 1:1 exchange rate with the yen.
At a press conference held in Tokyo, JPYC President Noriyoshi Okabe stated that the stablecoin issued by the company represents "an important milestone in the history of Japanese currency," with seven companies already planning to integrate this product.
The launch of JPYC coincides with the booming global stablecoin market, which is currently dominated by dollar-pegged assets such as Tether (USDT) and Circle (USDC), with a total market capitalization exceeding $308 billion. Dollar stablecoins have already established a certain foundation in Japan, with Circle launching USDC in Japan on March 26.
Alongside the stablecoin, the company has also launched a platform specifically for issuing and redeeming tokens—JPYC EX. This platform strictly adheres to the Act on Prevention of Transfer of Criminal Proceeds for identity and transaction verification management.
Users can deposit yen into their accounts via bank transfer to receive JPYC transferred to their registered wallet address, and they can also withdraw yen back to their withdrawal accounts.
In the long term, JPYC aims to achieve a circulation balance of 100 trillion yen within the next three years and to leverage the stablecoin to promote the construction of new social infrastructure.
JPYC may not hold a long-term monopoly on the Japanese stablecoin market. Tokyo-based financial services company Monex Group announced plans in August to issue a stablecoin pegged to the yen.
Japan's three major banks—Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, and Mizuho Bank—also hope to jointly issue a stablecoin anchored to the yen on the MUFG-owned Progmat platform.
Meanwhile, the Financial Services Agency of Japan may be preparing to review relevant regulations to allow banks to acquire and hold cryptocurrencies, such as Bitcoin (BTC), for investment purposes.
Related: Bitcoin (BTC) returns to $115,000, crypto market sentiment shifts from "panic" to neutral.
Original: “Japan's First Yen Stablecoin JPYC Officially Launched”
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