Japan Approves First Stablecoin, Backed by Circle
Japan is set to launch its first approved stablecoin, JPYC, with distribution beginning this month, according to a Nikkei report on August 18. Issued by Tokyo-based fintech JPYC Inc., the token is pegged 1:1 to the yen and backed by bank deposits and government bonds.
JPYC will be listed as a licensed money transfer provider, marking a key step in Japan’s financial modernization. Available as an ERC-20 token on Ethereum, Polygon, and Shiden, it mirrors the structure of dollar-pegged stablecoins in the $285B global market.
CEO Norikata Okabe confirmed on X that the initiative includes investment from Circle.
