The publicly listed financial services company Monex Group, headquartered in Tokyo, is considering launching a stablecoin pegged to the Japanese yen.
According to a report from Tokyo TV on Tuesday, Monex Group Chairman Oki Matsumoto revealed to the media that the company is contemplating issuing a yen-pegged stablecoin in Japan.
Matsumoto stated, "Issuing a stablecoin requires strong infrastructure and sufficient capital support, but if we do not participate, we will fall behind in the industry." He further emphasized:
If Monex Group issues a stablecoin, it will be backed by assets such as Japanese government bonds. Similar to most stablecoins in the market, this coin will be redeemable at a 1:1 ratio with the yen, with expected application scenarios including international remittances and corporate settlements.
The company plans to leverage its local cryptocurrency exchange Coincheck and Monex Securities brokerage business to advance this initiative. Matsumoto also revealed that Monex is considering acquiring European cryptocurrency-related companies, hinting that an announcement could be made "within days."
Reports indicate that the group is currently in final acquisition negotiations with potential European cryptocurrency firms. This move will further expand Monex Group's influence in Western markets, as Coincheck's parent company, Coincheck Group, successfully went public on the Nasdaq stock exchange at the end of last year.
This news aligns with recent reports that the Japanese Financial Services Agency (FSA) is preparing to approve the issuance of yen-denominated stablecoins as early as this fall. This would mark the first time the country allows the issuance of digital currencies pegged to its national legal tender.
Previously, the USD Coin (USDC) issued by Circle—a stablecoin pegged to the US dollar—was approved for use in Japan at the end of March. Reports indicate that the cryptocurrency subsidiary of Japanese financial group SBI has developed support for USDC, coinciding with the easing of local stablecoin regulatory policies.
The transformation of Japan's stablecoin ecosystem began in 2023 when the country lifted its ban on foreign stablecoins. In February of this year, the FSA approved a working group report that recommended policy adjustments to relax regulations related to stablecoins.
Related: Japan Takes the Lead in Formulating Stablecoin Rulebook—Why is the US Lagging Behind?
Original: “Monex Group in Tokyo, Japan, Considers Issuing Yen-Pegged Stablecoin”
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