Japanese Startup to issue a Yen-Pegged stablecoin first

Japanese startup JPYC said it would issue the first stablecoin set to Yen at the end of the year after receiving a license this week.

Stablecoin, which will be called “JPYC”, will be fully converted to Yen and supported by domestic savings and Japanese government bonds (JGBS), CEO of the company Noritaka Okabe told a press conference.

“Initially, we hope that demand will come from institutional investors, hedge funds and family offices in Japan,” he said.

“Finally, we aim to make JPYC used abroad as a digital yen and sent to people around the world.”

JPYC, who plans to issue stablecoin around the fall, said it would not charge transaction costs. Conversely, the more stablecoins are problems, the more JGB it will have, and that will get money from Bunga for that ownership.

Stablecoin based on blockchain-which is usually pegged into Fiat currency and offers faster and cheaper transactions and gain a lot of momentum throughout the world.

In the US, President Donald Trump in July signed a regulation and federal guidelines for stablecoin to facilitate their use in daily payments and settlement.

Financial companies from Bank of America to Fiserv (Nyse 🙂 Ready to launch Crypto Token which is supported by their own dollar, even though experts warn the way forward may not be simple.

Conversely, in mainland China, where Crypto trade is prohibited, Chinese regulators have asked for large local brokers to stop the publication of research that supports stablecoin in an effort to curb the surge of interest among domestic investors.
Source: Reuters