Tokyo-based Monex Group is considering launching a yen-pegged stablecoin.
According to a report by TV Tokyo on Tuesday, Monex Group Chairman Daisuke Matsumoto stated in an interview that the company plans to issue a yen-pegged stablecoin in Japan.
Matsumoto emphasized that issuing stablecoins requires robust infrastructure and capital, and that failure to participate may lead to being abandoned by the market. He further stated that the company would 'respond appropriately.'
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Monex's potential stablecoin
If the Monex Group issues a stablecoin, it will be backed by assets such as Japanese government bonds and will be redeemable for yen at a 1:1 ratio, expected to be used for purposes such as international remittances and corporate settlements.
Monex plans to leverage its holdings in the Coincheck exchange and securities brokerage to advance this initiative. In addition, Matsumoto revealed that they are in talks to acquire a European crypto-related company, which is expected to be announced soon.
The Monex Group's move is also aimed at strengthening its influence in Western markets, especially after Coincheck's listing on NASDAQ.
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Japanese stablecoins are about to be launched
It is reported that the Japan Financial Services Agency is preparing to approve a yen-denominated stablecoin, which will be the country's first approval of a domestically issued fiat-currency-pegged digital currency.
This progress was further accelerated after Circle's USDC stablecoin was approved for use in Japan in March of this year, and is related to the development of USDC support in collaboration with SBI’s cryptocurrency subsidiary against the backdrop of relaxed local regulations.
This change began in 2023 when Japan lifted the ban on foreign stablecoins, and then the Financial Services Agency approved a report suggesting the relaxation of related policies.
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