BlockBeats news, on August 27, Tokyo-listed financial services company Monex Group announced that it is considering launching a stablecoin pegged to the Japanese yen. According to Monex Group, this proposed yen-pegged stablecoin will be backed by assets such as Japanese government bonds and can be exchanged for yen at a 1:1 ratio. Its potential application scenarios include cross-border remittances and corporate settlements.
Monex Group owns the Japanese cryptocurrency exchange Coincheck and operates a local brokerage business. The group plans to leverage these two business segments to advance the stablecoin project.