Japan to Approve First Yen-Pegged Stablecoin: A New Chapter in Digital Finance

Japan is poised to launch its first domestically issued stablecoin pegged to the Japanese yen, with regulatory approval expected as early as this fall. JPYC, a fintech company based in Tokyo, is set to spearhead this innovation, with registration for its money transfer business anticipated for completion this month. This issuance will feature tokens that maintain a fixed 1:1 peg to the Yen, backed by liquid assets such as bank deposits and Japanese government bonds.