Monex Group Proposes Yen-Pegged Stablecoin, Seeks to Lead Digital Finance in Japan

Japanese financial services giant Monex Group is exploring the launch of a yen-pegged stablecoin. Chairman Oki Matsumoto emphasized the need for this move as a crucial step in keeping pace with global shifts in digital finance, where stablecoins are gaining significant importance. The company’s potential foray into stablecoins comes as Japan explores alternative digital currencies such as a central bank digital currency (CBDC) by the Bank of Japan. While private initiatives like Monex’s could contribute to expanding the use cases of both businesses and consumers in this space, they also offer a path for Japan to compete more effectively in global finance.