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Japan’s FSA is expected to approve JPYC’s yen-backed stablecoin in fall.
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The fintech aims to issue $6.78B worth over three years.
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The stablecoin will be backed by deposits and government bonds.
First Yen Stablecoin Coming Soon
Japan’s Financial Services Agency is preparing to approve Tokyo-based JPYC’s stablecoin as early as this fall, according to Nikkei. The firm plans to register as a money transfer business within August, with token issuance expected shortly after.
Scale and Backing
JPYC intends to issue 1 trillion yen ($6.78 billion) worth of stablecoins over the next three years. The currency will be backed by deposits and government bonds, ensuring liquidity and stability.
Regulatory Framework and Competition
Japan has been proactive in regulating stablecoins, passing laws in 2022 that allow only licensed banks and service providers to issue them. Other major financial players, including SMBC, are also preparing to launch stablecoins, signaling a competitive market ahead.
