Japan will approve the first stablecoin denominated in yen, JPYC.

This is an example developed in a country that embraces open blockchain technology, and South Korea may follow.

This is a sign that various countries can issue stablecoins pegged to their own currencies.

In the future, there may be a stablecoin settlement system on the blockchain in addition to the current international settlement system. For example, when China and Japan do business, we might settle on the blockchain.

Such stablecoins have certain limitations and are subject to national restrictions, and are not as widespread as USDT and USDC.