Monex Group Chairman Confirms Consideration of Issuing Yen Stablecoin
Japanese listed financial services company Monex Group is considering issuing a stablecoin pegged to the yen. According to Tokyo TV on Tuesday (August 26), Monex Group Chairman Oki Matsumoto revealed to the media that the company is considering issuing a yen-pegged stablecoin in Japan.
Matsumoto Oki stated: 'Issuing stablecoins requires substantial infrastructure and capital, but if we don't address these issues immediately, we will be left behind.'
He emphasized that the company will 'properly respond' to this challenge. This statement indicates that following the successful acquisition of Japan's first stablecoin license by $JPYC, competition in the digital currency sector is intensifying within Japan's financial industry.
The stablecoin planned by Monex Group will be backed by assets such as Japanese government bonds, similar to many other stablecoins, and it is expected to be convertible to yen at a 1:1 ratio. The stablecoin is anticipated to be used for international remittances and corporate settlements, adding a new option to Japan's digital payment ecosystem.
Further Reading
WebX2025: The Year of Stablecoins, JPYC Holds the License, Creating an Alternative Yen Hegemony
Integrating Resources to Expand European Market Layout
Monex Group plans to use the resources of its cryptocurrency exchange Coincheck and Monex Securities to promote this plan. Matsumoto Oki further revealed that Monex is considering acquiring European cryptocurrency-related companies and hinted that relevant news may be announced 'in a few days.'
According to reports, final negotiations are underway for potential acquisition targets among European cryptocurrency companies. This will further expand Monex Group's influence in Western markets, continuing the internationalization strategy following Coincheck Group's public listing on the Nasdaq at the end of last year.
This acquisition plan reflects Monex Group's desire to strengthen its competitive advantage in the digital asset field through internationalization. By integrating resources and technology from the European market, Monex aims to establish a more complete cross-border digital financial service network.
Japan's regulatory environment is shifting, creating opportunities for stablecoin development
This news comes as the Financial Services Agency (FSA) of Japan is preparing to approve the issuance of yen-denominated stablecoins as early as this fall. This will be Japan's first issuance of digital currency pegged to its domestic fiat currency, symbolizing a significant shift in the country's regulatory policy towards digital assets.
Prior to this, SBI's cryptocurrency subsidiary began supporting $USDC. Subsequently, Circle's dollar stablecoin $USDC was approved for use in Japan at the end of March, coinciding with the relaxation of local stablecoin regulations.
The changes in Japan's stablecoin ecosystem began in 2023 when the country lifted its ban on foreign stablecoins. In February of this year, the FSA approved a working group report recommending changes to relax regulations related to stablecoins. These improvements in the regulatory environment have created favorable conditions for financial institutions like Monex to enter the stablecoin market.
Further Reading
The First Yen Stablecoin is About to Debut, Japan's Financial Services Agency Nods, JPYC Expected to be Approved This Month
USDC Officially Enters Japan! Stablecoin First Approved for Listing in Japan, How Will It Change the Financial Landscape?
Japan's First Case! SBI VC Trade Legally Launches USDC Trading, Is the Era of Stablecoins Here?
Japan's Financial Services Agency Proposes Cryptocurrency Brokerage Licenses! Providing Low-Threshold Compliance Standards, Is a Major Milestone Here?
Market Opportunities and Challenges Amid Intensifying Competition
With $JPYC being the first to obtain Japan's stablecoin issuance license and Monex Group expressing its desire to enter the market, the competitive landscape of Japan's digital currency market is forming rapidly. This competitive situation is expected to drive technological innovation and improve service quality, providing users with more diversified digital payment options.
For Monex Group, entering the stablecoin market is both an opportunity and a challenge.
On one hand, the company has rich financial service experience and an existing client base that can provide strong support for the stablecoin business;
On the other hand, facing competitors who have already seized the initiative, Monex needs to put more effort into product differentiation and service innovation.
The development of Japan's stablecoin market is not only related to the commercial success of individual companies but also concerns Japan's position in the global digital currency competition. With more financial institutions joining the industry, Japan is expected to establish a more comprehensive digital financial infrastructure, laying a solid foundation for future digital economy development.
This content is compiled by Crypto Agent from various sources, reviewed and edited by (Crypto City). It is currently still in the training stage, and there may be logical biases or information errors. The content is for reference only and should not be considered investment advice.
The article 'Is the Yen Stablecoin Getting Another +1? Monex Group Prepares for Layout, More People Entering the Market after JPYC's Success' was first published in 'Crypto City'
