Another new step has come from Japan, which has recently taken important steps in many areas such as cryptocurrencies and web3.
Japan announced the issuance of the world’s first yen-pegged stablecoin, according to Reuters.
Japanese fintech firm JPYC stated that its stablecoin, named JPYC, is fully backed by domestic deposits and Japanese government bonds and is 1:1 exchangeable with yen.
JPYC announced that its stablecoin is 1:1 exchangeable with yen and charges no transaction fees. Instead, the company plans to generate revenue through interest income from Japanese government bonds.
JPYC will run on Ethereum (ETH), Avalanche (AVAX), and Polygon networks. It has been reported that many Japanese companies will also begin integrating the stablecoin into their own systems.
As you may recall, Bank of Japan (BOJ) Vice Governor Ryuzo Himino stated last week that “stablecoins can play an important role in global payment systems.” He emphasized that global regulations need to be adapted for stablecoins to be used in the country.
Positive developments continue to unfold in Japan’s cryptocurrency sector. Quantum Solutions, listed on the Tokyo Stock Exchange, announced a few days ago that it had purchased 2,365 ETH in just one week, making it Japan’s largest Ethereum treasury company.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/japan-makes-historic-cryptocurrency-move-here-are-the-details/
