Tokenized Japanese Yen (JPY) Set to Launch on Helix, Injective's Decentralized Exchange
- Helix, a decentralized exchange on the Injective protocol, is set to launch a tokenized version of the Japanese Yen (JPY), becoming one of the first exchanges to introduce the Yen onto the blockchain.
- The Japanese Yen is the fourth most-traded currency globally, following the USD, Euro, and Sterling.
- Helix's move aims to provide users exposure to on-chain foreign exchange (FX) in a decentralized manner.
- The tokenized JPY is created in collaboration with Cables Finance, a decentralized exchange working on integrating traditional finance currencies onto the blockchain.
- Each tokenized Yen will be backed 1-to-1 by the Japanese Yen, held in trust for issuance.
- Helix's Head of Product, Chris Choi, highlighted the underserved nature of the Yen in the crypto space, and this integration seeks to fill that gap.
- Last year, TOKI, a cross-chain bridge provider, announced plans to bring fully collateralized Japanese stablecoins to the Cosmos ecosystem, backed by Mitsubishi UFJ Trust and Banking.
- Helix's move is part of a broader trend in the crypto space to tokenize traditional fiat currencies, providing users with exposure to various assets in a decentralized manner.
