Japan Launches First Regulated Yen Stablecoin Targeting $67 Billion in Three Years

JPYC Inc., a Japanese company, has launched the first regulated yen-pegged stablecoin on October 27th. This marks a significant step forward for digital currency infrastructure in Japan’s vast foreign exchange market. The company aims to challenge the dominance of the U.S. dollar in the stablecoin sector, which currently accounts for 99% of all tokens. The goal is to achieve $67 billion in issuance within three years under a stringent regulatory framework that mandates 100% reserve backing in yen deposits and government bonds.