Financial Services Agency to Approve Yen-Denominated Stablecoin 'JPYC'—Nikkei

The Financial Services Agency has revealed plans to approve the issuance of the yen-denominated stablecoin 'JPYC' by fintech company JPYC, marking the first such approval in the country. The company is expected to be registered as a funds transfer service provider within the month, with sales commencing a few weeks thereafter, as reported by Nikkei. JPYC is designed to maintain a value of 1 JPYC to 1 yen, backed by highly liquid assets such as deposits and government bonds. After placing an order, individuals and corporations can transfer funds to receive JPYC in their digital wallets. In Japan, SBI Holdings' subsidiary SBIVC Trade handles the US dollar-linked stablecoin 'USDC'...