Japanese nail salon chain Convano Inc. is developing a yen-pegged stablecoin project.
The company is building the platform and network to become a stablecoin issuer in the future, complying with Japanese payment laws with a plan to obtain a license in 2027.
MAIN CONTENT
Convano Inc. launches a yen-pegged stablecoin project with a long-term issuance plan.
Collaborating with money transfer providers and cryptocurrency exchanges to build a transfer network and compliance regulations.
The goal is to obtain a stablecoin issuance license before the end of 2027, starting with an investment of 50 million yen.
What kind of company is Convano Inc. and how did it start the stablecoin project?
Convano Inc., a Japanese nail salon chain, has just announced plans to develop a yen-pegged stablecoin, focusing on building the foundational system and network in preparation for future issuance.
This project marks the transformation of traditional businesses into the cryptocurrency sector, aiming to increase flexibility in payments and expand digital financial services.
What legal restrictions affect the issuance of stablecoins in Japan?
Japanese payment law limits the issuance of stablecoins to licensed banks and financial institutions, posing a significant challenge for companies like Convano.
Therefore, the company chose to collaborate with money transfer service providers to build a transfer and payment network while pursuing the goal of obtaining a stablecoin issuance license before the end of 2027, in strict compliance with legal regulations.
Who does Convano collaborate with to develop the stablecoin ecosystem?
Convano collaborates with FINX JCrypto, a cryptocurrency exchange in Japan, to develop a technical platform, using Japanese government bonds and other collateral assets as the value base for the stablecoin.
The goal is to ensure a 1:1 exchangeability between stablecoin and Japanese yen, while building a strict compliance system in accordance with national financial legal requirements.
What are the details of the financial plan and the implementation progress of the project?
Convano plans to launch the stablecoin project on September 1, 2025, with an initial investment of approximately 50 million yen. The company currently holds about 365 bitcoins, equivalent to 6.4 billion yen, as a reserve asset to support its operations.
The project implementation is planned meticulously in phases to ensure safety, transparency, and compliance with Japanese law in the tightly regulated cryptocurrency sector.
"Our long-term goal is to become a licensed stablecoin issuer, creating a safe and sustainable digital financial ecosystem."
– Convano Inc. Representative, Press Release, August 2024
Frequently Asked Questions
When does Convano plan to officially issue the stablecoin?
The stablecoin project is scheduled to launch on September 1, 2025, with the foundational system and network already prepared.
How does the current legal framework affect the issuance of stablecoins?
Japanese law only allows banks and financial institutions to issue stablecoins, so Convano is cooperating with money transfer providers and seeking official issuance licensing before 2027.
Does Convano ensure a 1:1 exchangeability between stablecoin and Japanese yen?
Yes, the company uses Japanese government bonds and valuable assets as collateral, ensuring precise one-to-one conversion.
What assets does Convano use to support the stablecoin project?
The company currently owns about 365 bitcoins with a total value of approximately 6.4 billion yen, used as reserve assets in the project's financial operations.
What is the long-term goal of this stablecoin project?
Convano aims to become a licensed stablecoin issuer, fully complying with legal regulations and developing a sustainable digital financial ecosystem.
Source: https://tintucbitcoin.com/convano-hop-tac-phat-hanh-stablecoin-yen/
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