Startup JPYC Issues First JPY-Backed Stablecoin

BlockBeats News, October 27th, Japanese startup JPYC announced today the official launch of a stablecoin pegged 1:1 to the Japanese Yen, with the token backed by domestic savings and Japanese government bonds.

Ryozo Himino, Deputy Governor of the Bank of Japan, recently stated that stablecoins are expected to become an integral part of the global payment system, partly replacing the function of bank deposits.

JPYC stated that in the initial stages of the project, transaction fees will be waived to expand the user base, and revenue will be generated through holding government bond interest. Tomoyuki Shimoda, a scholar at Rikkyo University and former central bank executive, estimates that it will take about 2 to 3 years for the Japanese Yen stablecoin to become widely adopted in Japan.