With the yen freely convertible and backed by Japan’s deep government bond market, JPYC’s launch stands apart from the region’s onshore-only experiments in Korea, Taiwan, and beyond.
Japan has done what its Asian peers can’t: launch a stablecoin that can circulate globally.
Japan’s JPYC announced today the world’s first yen-pegged stablecoin, a fully redeemable digital yen backed by domestic deposits and Japanese government bonds... [3465 chars]