JPYC Denominated in Yen, Emerging as a New Buyer of Japanese Government Bonds - Potential to Fill the Gap Left by the Bank of Japan, Reports Say

Noritaka Okabe, CEO of JPYC Inc., stated that the reserves of the first yen-denominated stablecoin 'JPYC' could become a new force in the domestic bond market, according to a report by Reuters on the 12th. Initially, JPYC will focus on short-term securities for its backing assets, but it plans to eventually hold about 80% in Japanese government bonds and about 20% in trust deposits. Mr. Okabe mentioned that he has been approached by legislators and government officials about the possibility of increasing purchases of longer-term government bonds, adding that 'this could be considered in the future.' Furthermore, considering the rapid growth of stablecoins...