JPYC is about to be approved to issue the first regulated Japanese yen stablecoin

The Japanese fintech company #JPYC is expected to receive approval from the Financial Services Agency (FSA) to issue a yen-pegged stablecoin, becoming the first officially regulated stablecoin in Japan.

Expanding the stablecoin market

Although it has been operating with a previous version of the token, JPYC will officially bring its product under the legal framework for stablecoins in Japan. After completing the money transfer business registration, JPYC will expand the sale of stablecoins to individuals, businesses, and institutional investors.

JPYC has an ambitious goal of issuing approximately 7 billion USD worth of tokens within three years, demonstrating the significant potential of stablecoins in the Japanese market. #Japan

Vision and product positioning

The CEO of JPYC, Noritaka Okabe, has carefully positioned his product as a digital payment method linked to fiat currency, rather than a speculative cryptocurrency asset. According to him, JPYC combines the best features of digital cash and deposits.

Japan's move reflects the growing interest of global regulators in stablecoins. Although Japan has had stablecoin legislation since June 2023, adoption has been slow. The approval of JPYC will mark an important step forward, after Circle partnered with SBI Holdings to launch a USD-pegged stablecoin in the country. #anhbacong