Japanese financial firm Monex Group is considering launching a stablecoin pegged to the Japanese Yen.

BlockBeats News, on August 27, Tokyo-listed financial services company Monex Group announced that it is considering launching a yen-pegged stablecoin. According to Monex Group, this proposed yen-pegged stablecoin will be backed by assets such as Japanese government bonds and will be exchangeable for yen at a 1:1 ratio. Its potential use cases include cross-border remittances and corporate settlements.

Monex Group, which owns the Japanese cryptocurrency exchange Coincheck and operates a domestic brokerage business, plans to advance the stablecoin project leveraging these two major business segments.