[NEWS] JPYC and Slash Form Business Partnership to Promote Cryptocurrency Payments and Stablecoin Use

JPYC, which issues the stablecoin "JPYC" whose value is pegged to the Japanese yen, and Slash Fintech Limited, which handles cryptocurrency (virtual currency) settlement, announced on the 25th that they have formed a business partnership.

The two companies will work to create examples of stablecoin use in business and to solve social issues in order to popularize cryptocurrency settlement in Japan. By joining forces with two companies that are familiar with stablecoins and cryptocurrency settlement, new synergies may be created.

With the revised Payment Services Act coming into effect in June this year, the movement to utilize stablecoins is currently accelerating.

Among the major players, Mitsubishi UFJ Financial Group will step up its offensive through Progma, a digital asset issuance and management platform developed by its subsidiary Mitsubishi UFJ Trust and Banking Corporation. It will launch a new company and will strengthen cooperation with megabanks by investing in it.

In addition, it has been revealed by a report in the Nihon Keizai Shimbun that ORIX Bank has also begun considering issuing stablecoins. As early as next month, they will begin a demonstration experiment to issue stable coins linked to yen and dollars using the blockchain "Japan Open Chain" developed by G.U. Technologies.

In addition, three banks, Tokyo Kiraboshi Financial Group, Minna no Bank, and Shikoku Bank, are already conducting demonstration experiments with an eye on the early issuance of stable coins.

Given this situation, domestic activities surrounding stable coins are expected to accelerate further over the next year, and at the same time, promoting understanding among companies and users will be an urgent task.

JPYC, which announced the partnership this time, is known as a pioneer of domestic stable coins.

In March of this year, they completed registration as a third-party prepaid payment instrument issuer and plan to launch a service called "JPYC PAY". This will allow payments using JPYC at stores, e-commerce sites, etc., just like existing payment instruments, which may help promote the spread of stable coins.

Slash Fintech also provides "Slash Payment" as a cryptocurrency payment service and is steadily building up a track record.

Based in the British Virgin Islands, the company has been increasing the number of partner companies this year and is making a full-scale entry into the Japanese market. In July of this year, it announced the beta version of "Slash Vaults," an interoperability protocol that utilizes NFTs.

Reference:Announcement, Nihon Keizai Shimbun
Image: Quoted from the announcement