JPYC has announced the launch of Japan’s first official stablecoin pegged to the yen exchange rate. The issuer of JPYC tokens stated that they will be fully secured by deposits in the national currency and Japanese government bonds.
JPYC was registered in Japan as a payment service provider in August. Along with the launch of the stablecoin, the company opened a special JPYC EX platform for its issuance and repayment. Users can purchase tokens through this platform after passing verification using a local identity card.
JPYC stablecoin runs on Avalanche, Ethereum and Polygon blockchains. The issuer has set a goal to issue tokens worth 10 trillion yen ($65.4 billion) over three years.
This step reflects a global trend: the transition to faster and cheaper financial transactions through blockchain solutions, especially in countries with developed banking systems and stable economies.
