Latest news with #NoritakaOkabe
Zawya
14 hours ago
- Business
- Zawya
Japan startup to issue first yen-pegged stablecoin
TOKYO - Japanese startup JPYC said it will issue the first stablecoin pegged to the yen later in the year after receiving a licence this week. The stablecoin, which will be called "JPYC", will be fully convertible to the yen and backed by domestic savings and Japanese government bonds (JGBs), the company's CEO Noritaka Okabe told a news conference. "Initially, we expect demand to come from institutional investors, hedge funds and family offices in Japan," he said. "Eventually, we aim to have JPYC used overseas as digital yen and delivered to people across the world." JPYC, which plans to issue the stablecoin around autumn, said it would not charge transaction fees. Instead, the more stablecoins it issues, the more JGBs it will hold, and it would earn money from the interest on those holdings. Blockchain-based stablecoins - which are typically pegged to a fiat currency and offer faster and cheaper transactions - are gaining much momentum worldwide. In the U.S., President Donald Trump in July signed into law federal rules and guidelines for stablecoins to facilitate their usage in everyday payments and settlements. Financial companies from Bank of America to Fiserv are preparing to launch their own dollar-backed crypto tokens, although experts warn the path forward may not be simple. In contrast, in mainland China, where crypto trading is banned, Chinese regulators have asked big local brokers to halt publication of research endorsing stablecoins in a bid to curb a surge in interest among domestic investors. (Reporting by Leika Kihara; Editing by Edwina Gibbs)
Hindustan Times
15 hours ago
- Business
- Hindustan Times
Japan Startup JPYC To Issue First Yen-Pegged Stablecoin Amid Global Revival
Japanese startup JPYC plans to issue the first stablecoin pegged to the yen later in the year after receiving a licence this week. The government's advisory panel had recommended an increase of 41 yen to 1,002 yen for this fiscal year.(REUTERS) The stablecoin, which will be called JPYC, will be fully convertible to the yen and backed by domestic savings and Japanese government bonds, CEO Noritaka Okabe told a news conference in Tokyo. 'Initially, we expect demand to come from institutional investors, hedge funds and family offices in Japan,' he said. 'Eventually, we aim to have JPYC used overseas as digital yen and delivered to people across the world.' JPYC, which plans to issue the stablecoin around autumn, said it would not charge transaction fees. Instead, the more stablecoins it issues, the more Japanese government bonds it will hold, and it would earn money from the interest on those holdings. Blockchain-based stablecoins, which are typically pegged to a fiat currency and offer faster and cheaper transactions, are gaining much momentum worldwide. In the US, President Donald Trump in July signed into law federal rules and guidelines for stablecoins to facilitate their usage in everyday payments and settlements. Financial companies from Bank of America to Fiserv are preparing to launch their own dollar-backed crypto tokens, although experts warn the path forward may not be simple. In contrast, in mainland China, where crypto trading is banned, Chinese regulators have asked big local brokers to halt publication of research endorsing stablecoins in a bid to curb a surge in interest among domestic investors.
Yahoo
16 hours ago
- Business
- Yahoo
Japan startup to issue first yen-pegged stablecoin
By Leika Kihara TOKYO (Reuters) -Japanese startup JPYC said it will issue the first stablecoin pegged to the yen later in the year after receiving a licence this week. The stablecoin, which will be called "JPYC", will be fully convertible to the yen and backed by domestic savings and Japanese government bonds (JGBs), the company's CEO Noritaka Okabe told a news conference. "Initially, we expect demand to come from institutional investors, hedge funds and family offices in Japan," he said. "Eventually, we aim to have JPYC used overseas as digital yen and delivered to people across the world." JPYC, which plans to issue the stablecoin around autumn, said it would not charge transaction fees. Instead, the more stablecoins it issues, the more JGBs it will hold, and it would earn money from the interest on those holdings. Blockchain-based stablecoins - which are typically pegged to a fiat currency and offer faster and cheaper transactions - are gaining much momentum worldwide. In the U.S., President Donald Trump in July signed into law federal rules and guidelines for stablecoins to facilitate their usage in everyday payments and settlements. Financial companies from Bank of America to Fiserv are preparing to launch their own dollar-backed crypto tokens, although experts warn the path forward may not be simple. In contrast, in mainland China, where crypto trading is banned, Chinese regulators have asked big local brokers to halt publication of research endorsing stablecoins in a bid to curb a surge in interest among domestic investors. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
16 hours ago
- Business
- Reuters
Japan startup to issue first yen-pegged stablecoin
TOKYO, Aug 19 (Reuters) - Japanese startup JPYC said it will issue the first stablecoin pegged to the yen later in the year after receiving a licence this week. The stablecoin, which will be called "JPYC", will be fully convertible to the yen and backed by domestic savings and Japanese government bonds (JGBs), the company's CEO Noritaka Okabe told a news conference. "Initially, we expect demand to come from institutional investors, hedge funds and family offices in Japan," he said. "Eventually, we aim to have JPYC used overseas as digital yen and delivered to people across the world." JPYC, which plans to issue the stablecoin around autumn, said it would not charge transaction fees. Instead, the more stablecoins it issues, the more JGBs it will hold, and it would earn money from the interest on those holdings. Blockchain-based stablecoins - which are typically pegged to a fiat currency and offer faster and cheaper transactions - are gaining much momentum worldwide. In the U.S., President Donald Trump in July signed into law federal rules and guidelines for stablecoins to facilitate their usage in everyday payments and settlements. Financial companies from Bank of America (BAC.N), opens new tab to Fiserv (FI.N), opens new tab are preparing to launch their own dollar-backed crypto tokens, although experts warn the path forward may not be simple. In contrast, in mainland China, where crypto trading is banned, Chinese regulators have asked big local brokers to halt publication of research endorsing stablecoins in a bid to curb a surge in interest among domestic investors.
Yahoo
2 days 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
