Japan has taken a significant step in the world of stablecoins with the launch of its first yen-backed coin, JPYC. Tokyo-based fintech firm JPYC has partnered with a dedicated platform to issue this new token and is seeking to capitalize on the growing global market share for these digital currencies. J PYC’s launch aligns with a surging demand for stablecoins backed by fiat currency, as evident in the substantial USD-pegged assets like USDT and USDC dominating the current market worth over $308 billion. This trend has also seen Circle’s USDC gain traction in Japan. 7 companies have expressed interest in incorporating JPYC into their operations according to Business Insider Japan.