PANews reported on November 12th, citing Cointelegraph, that Japanese stablecoin issuer JPYC plans to allocate approximately 80% of its proceeds to Japanese government bonds (JGBs) and 20% to bank deposits, with the possibility of extending to long-term bonds as demand grows. JPYC launched its yen-pegged stablecoin on October 27th under the revised Payment Services Act, with approximately $930,000 currently in circulation and a target of $66 billion over three years. CEO Noritaka Okabe stated that as the Bank of Japan (BOJ) slows its bond purchases, stablecoin reserves may fill market gaps. The Japanese Federal Financial Services Authority (FSA) also supports a yen-denominated payment stablecoin project involving Mizuho, MUFG, and SMBC, which launched its issuance this month.PANews reported on November 12th, citing Cointelegraph, that Japanese stablecoin issuer JPYC plans to allocate approximately 80% of its proceeds to Japanese government bonds (JGBs) and 20% to bank deposits, with the possibility of extending to long-term bonds as demand grows. JPYC launched its yen-pegged stablecoin on October 27th under the revised Payment Services Act, with approximately $930,000 currently in circulation and a target of $66 billion over three years. CEO Noritaka Okabe stated that as the Bank of Japan (BOJ) slows its bond purchases, stablecoin reserves may fill market gaps. The Japanese Federal Financial Services Authority (FSA) also supports a yen-denominated payment stablecoin project involving Mizuho, MUFG, and SMBC, which launched its issuance this month.
Japan's first issuer of a yen-denominated stablecoin plans to become a new buyer of Japanese government bonds.
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PANews reported on November 12th, citing Cointelegraph, that Japanese stablecoin issuer JPYC plans to allocate approximately 80% of its proceeds to Japanese government bonds (JGBs) and 20% to bank deposits, with the possibility of extending to long-term bonds as demand grows. JPYC launched its yen-pegged stablecoin on October 27th under the revised Payment Services Act, with approximately $930,000 currently in circulation and a target of $66 billion over three years. CEO Noritaka Okabe stated that as the Bank of Japan (BOJ) slows its bond purchases, stablecoin reserves may fill market gaps. The Japanese Federal Financial Services Authority (FSA) also supports a yen-denominated payment stablecoin project involving Mizuho, MUFG, and SMBC, which launched its issuance this month.
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