Japan is about to license the first stablecoin pegged to the yen.
The Financial Services Agency of Japan (FSA) will register the fintech company JPYC Inc. for money transfer operations, paving the way for the launch of the JPYC stablecoin backed by liquid assets with a fixed value of 1 JPYC = 1 yen.
MAIN CONTENT
Japan's FSA officially approves the issuance of the JPYC stablecoin this month.
JPYC Inc. is registered for money transfer operations, preparing to launch the service.
The JPYC stablecoin is backed by liquid assets like government bonds to maintain stable value.
What are the main details about the approval of the JPYC stablecoin in Japan?
The FSA has decided to grant a license to the fintech company JPYC Inc. for money transfer operations, meaning the JPYC stablecoin will officially be issued in August 2024. This is the first cryptocurrency in Japan to have clear legal regulation and is pegged to the yen.
This licensing marks a significant step in the adoption of cryptocurrency in Japan, particularly the stablecoin backed by real assets, ensuring stability and reliability in value.
How is the JPYC stablecoin backed to ensure value maintenance?
JPYC is a stablecoin backed by liquid assets such as Japanese government bonds to maintain the rate of 1 JPYC equal to 1 yen, ensuring value stability for users and investors.
Using government bonds as the underlying asset helps mitigate price volatility risk and facilitates digital payments and transfers with high reliability from the issuer and regulatory authorities.
The approval of the JPYC stablecoin will boost the adoption of cryptocurrency in Japan and lay the groundwork for digital financial products with legal guarantees and stable payments.
Digital finance expert, Le Van Hung, 2024
How will JPYC Inc. impact the Japanese cryptocurrency market?
JPYC Inc., after being registered for money transfer operations with the FSA, will quickly launch the stablecoin service and is expected to start trading in the coming weeks. The emergence of JPYC is anticipated to improve liquidity and promote the application of cryptocurrency in the Japanese market.
A yen-pegged stablecoin with clear backing will build trust for individuals and organizations in using cryptocurrency, while also contributing to the expansion of the domestic digital financial Blockchain ecosystem.
Frequently Asked Questions
What is the JPYC stablecoin?
JPYC is a stablecoin cryptocurrency issued by JPYC Inc., valued at a fixed rate of 1 JPYC equal to 1 Japanese yen, and supported by liquid assets.
What does the FSA's approval of JPYC mean?
The approval allows JPYC to be legally regulated, increasing reliability and supporting the adoption of cryptocurrency in transactions and payments.
What assets back JPYC?
JPYC ensures stable value through liquid assets such as Japanese government bonds.
When will JPYC launch in the market?
JPYC is expected to start trading within a few weeks after completing the registration for money transfer operations with the FSA.
What impact will JPYC have on the cryptocurrency market in Japan?
JPYC will improve liquidity, enhance reliability, and promote the use of cryptocurrency in digital finance in Japan.
Source: https://tintucbitcoin.com/jpyc-stablecoin-yen-nhat-dau-tien/
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