Fintech Firm Issues Japan’s First Yen-Denominated Stablecoin on Ethereum, Avalanche and Polygon

A Japanese financial technologies (Fintech) firm is issuing the country’s first-ever yen-based stablecoin across several major blockchain platforms.

JPYC Inc. says it’s launching JPYC, a yen-pegged stablecoin, on Ethereum (ETH), Avalanche (AVAX) and Polygon (POL).

The stablecoin will aim to keep a 1:1 peg with the Japanese yen. In addition, the firm is announcing JPYC EX, the stablecoin’s official platform.

According to a Reuters report, JPYC CEO Noritaka Okabe said in a press briefing,

“We hope to spur innovation by giving startups access to low transaction and settlement fees.

“We hope to spur innovation by giving startups access to low transaction and settlement fees. Increasing global interoperability would benefit us too, so we’re open to capital tie-ups.”

*Increasing global interoperability would benefit us too, so we’re open to capital tie-ups.”*According to a separate press release, the firm has plans to utilize JPYC for credit card payments and is currently bringing together plans to allow e-commerce payments with the new stablecoin.

Last week, The Japan News reported that Japan’s Financial Services Agency, the government’s financial regulator, is considering allowing banks to trade and sell cryptocurrencies like Bitcoin (BTC) in the same manner as stocks and bonds.

The Financial System Council, which advises the Japanese prime minister, will hold discussions on banks trading crypto soon, according to the report. The regulator still plans to put certain guardrails up to make sure banks do not overinvest in cryptos.