Tokyo Fintech JPYC Unveils First Yen Backed Stablecoin

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Tokyo-based fintech firm JPYC has launched Japan’s first yen-backed stablecoin along with a platform to issue the new coin, amid a growing global race to corner the growing market.

The Japanese yen stablecoin JPYC went live on Monday and is backed one-to-one by bank deposits and government bonds, and also has a 1:1 exchange rate with the yen, the company said on Friday.

At a press conference in Tokyo, JPYC President Noriyoshi Okabe said the stablecoin from his company is a “major milestone in the history of Japanese currency,” and has also…



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Tokyo Fintech JPYC Unveils First Yen Backed Stablecoin


Tokyo-based fintech firm JPYC has launched Japan’s first yen-backed stablecoin along with a platform to issue the new coin, amid a growing global race to corner the growing market.

The Japanese yen stablecoin JPYC went live on Monday and is backed one-to-one by bank deposits and government bonds, and also has a 1:1 exchange rate with the yen, the company said on Friday.

At a press conference in Tokyo, JPYC President Noriyoshi Okabe said the stablecoin from his company is a “major milestone in the history of Japanese currency,” and has also…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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