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Japan Set to Approve First Yen-Pegged Stablecoin
Japan’s top financial regulator is preparing to approve the issuance of yen-denominated stablecoins as soon as this fall, paving the way for the country’s first domestic fiat-pegged digital currency, according to the Nikkei. Tokyo-based fintech JPYC is expected to lead the rollout, with registration as a money transfer business slated for completion this month. JPYC tokens will maintain a fixed peg of 1 JPY = 1 yen, backed by liquid assets such as bank deposits and Japanese government bonds. Once purchased by individuals or corporations, the tokens will be issued through bank transfers to users’ digital ... (full story)
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