Japan Launches First Legally Approved Yen Stablecoin for Enhanced Digital Payment Infrastructure

Japan has taken a major step forward in the development of digital payment systems by launching JPYC, the country’s first legally approved yen-denominated stablecoin. This innovative token, backed by bank deposits and government bonds, is designed to revolutionize how individuals and businesses transact within Japan. JPY Inc., the company behind JPYC, has received approval from Japan’s Financial Services Agency for its operation, paving the way for widespread adoption.