Japan Takes the Lead: JPYC Launches First Yen-Backed Stablecoin

JPYC, a Tokyo-based fintech company, has taken a major step in the global stablecoin race by launching Japan’s first yen-backed stablecoin. This innovation is accompanied by a dedicated platform for issuing and redeeming the token, named JPYC EX. The stablecoin, which officially launched on Monday, maintains a 1:1 exchange rate with the Japanese Yen, utilizing one-to-one backing through bank deposits and government bonds. JPYC President Noriyoshi Okabe highlighted this achievement as a ‘major milestone’ for Japanese currency during a press conference in Tokyo.