Latest news with #JPYC
Yahoo
3 hours ago
- Business
- Yahoo
JPYC Expects to Secure Approval for Japan's First Regulated Yen-Backed Stablecoin
Japanese fintech firm JPYC is expected to receive regulatory approval from the Financial Services Agency (FSA) for its yen-backed stablecoin later this year, making it the first officially recognized issuance of its kind in Japan. The company has already been operating a version of the token—also named JPYC—but will now bring it under the country's stablecoin framework, with broader sales to individuals, corporations and institutional investors expected to begin once its registration as a money transfer business is completed. JPYC aims to issue nearly $7 billion worth of the token within three years, according to a report by Nikkei. Stablecoins around the world Global hype around stablecoins has pushed their combined market capitalization to roughly $250 billion, attracting the attention of regulators and investors alike. With the likes of Hong Kong and the U.S. rolling out stablecoin regulation over the last couple of months, regulators around the world are scrambling to catch up with surging interest. That said, Japan's stablecoin legislation came into effect in June 2023 under its Payment Services Act, with additional amendments broadening its scope submitted to the Diet in March this year. Uptake has been slow. In March, Circle partnered with local exchange SBI Holdings to launch the first regulated dollar-pegged stablecoin in Japan. USDC Becomes First Dollar-Pegged Stablecoin Approved in Japan And if its approval comes through, JPYC will be the only yen-backed regulated stablecoin in the country. Aimed at being used for payments, including cross-border transfers, JPYC's CEO, Noritaka Okabe, has been noticeably careful to distance the project from the cryptocurrency label, stressing in multiple posts on X that the token is an "electronic payment method" rather than a speculative crypto asset. The JPYC stablecoin is "not a cryptocurrency," he tweeted on Sunday. 'It's a currency-denominated asset whose value is linked to fiat currency, combining the best qualities of digital cash and deposits.' Sign in to access your portfolio
Nikkei Asia
21 hours ago
- Business
- Nikkei Asia
Japan to greenlight first yen-based stablecoin
Japan's Financial Services Agency will allow JPYC to issued a cryptocurrency fully backed by the yen. (Nikkei photo composite) TAKANOBU AIMATSU and RYUTA MINAMIHATA August 18, 2025 00:30 JST TOKYO -- The Financial Services Agency will approve the issuance of Japan's first yen-denominated stablecoin as early as autumn, with the aim of using it for international remittances and more, Nikkei has learned.
