🇯🇵 Japan launches its first official stablecoin backed by yen

The Japanese fintech JPYC has just launched the first stablecoin backed by yen ($JPY) officially recognized in Japan. Trading began this Monday (27), marking a historic step for the Asian crypto market. 💴

💠 What is JPYC?

JPYC maintains a 1:1 parity with the Japanese yen, being guaranteed by 100% reserves in yen and government bonds.

The token operates on the Avalanche, Ethereum, and Polygon blockchains, with issuance and redemption carried out by the new JPYC EX platform.

To acquire the asset, users need to complete identity verification via the My Number card, an official document of Japan.

🏦 Ambitious goal

The fintech aims to reach 10 trillion yen in circulation (about US$ 65 billion) within three years.

By comparison, USDT — the largest global stablecoin — currently has around US$ 183 billion in circulating supply.

JPYC also plans to expand support for new blockchains and establish partnerships with Japanese companies.

🛍️ Growing adoption

Several companies have already announced integration with JPYC:

Densan System: payments in stores and e-commerce 🛒

Asteria: integration with software used by 10,000 companies 💻

HashPort Wallet: direct support for transactions with JPYC 🔐

💬 Do you think Japan can become a leader in regulated stablecoins?

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