According to Mars Finance, on August 27, Tokyo-listed company and financial services firm 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 applications include cross-border remittances and corporate settlements. Monex Group owns the Japanese cryptocurrency exchange Coincheck and operates local brokerage services. The group plans to advance the stablecoin project by leveraging these two major business segments.