Japan's JPYC Seeks to Dominate Asia-Pacific Commerce Using a Regulated Digital Yen
- Japan's JPYC Inc. launched JPYC, a yen-pegged stablecoin fully backed by bank deposits and government bonds, marking the country's first regulated digital yen. - The stablecoin aims to compete with dollar-pegged alternatives in Asia-Pacific trade, targeting 10 trillion yen issuance within three years while complying with Japan's strict anti-money laundering laws. - Seven firms and crypto wallet HashPort have pledged JPYC integration, but face competition from Monex Group and major banks developing rival
Japan has introduced its first stablecoin backed by the yen, JPYC, marking a significant step forward in the nation’s adoption of blockchain-powered financial solutions. Developed by Tokyo-based fintech company JPYC Inc., this token maintains a 1:1 value with the Japanese yen and is entirely supported by bank deposits and government bonds, providing both stability and adherence to regulations,
This launch puts JPYC in direct competition with established dollar-based stablecoins such as
JPYC’s market debut coincides with Japan’s regulatory efforts to unify stablecoin practices. In June 2023, the nation revised its Payment Services Act, mandating that stablecoin issuers register under both the Funds Settlement Act and the Banking Act. JPYC Inc. obtained its license in August and now operates on blockchains such as
Adoption of the stablecoin is already underway. Seven organizations, including fintech company Densan System and business software provider Asteria, have revealed plans to incorporate JPYC into their offerings, from online payments to data integration solutions, TradingView reported. Additionally, crypto wallet HashPort has committed to supporting JPYC transactions, indicating growing acceptance within the digital economy, TradingView noted.
Nonetheless, JPYC is not without rivals in Japan. Financial giant Monex Group is preparing to introduce its own yen-linked stablecoin, while Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corp., and Mizuho Bank are jointly developing a stablecoin project through MUFG’s Progmat platform,
The debut of JPYC also reflects broader global trends in stablecoin development. As conventional cross-border payment networks struggle with high costs and slow processing, stablecoins offer instant transactions and reduced expenses. JPYC’s direct yen peg and secure reserves help address volatility concerns while supporting Japan’s move toward a cashless society, Coinpedia observed.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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