Japan’s market regulator is on the verge of approving the nation’s first yen-denominated stablecoin, according to a report dated Sunday.
JPYC Stablecoin On The Horizon?
The Financial Services Agency is preparing to authorize the issuance of JPYC, an Ethereum (CRYPTO: ETH)-based cryptocurrency pegged to the value of yen, Nikkei reported. The move is designed to leverage the stablecoin for international remittances and beyond.
The stablecoin’s issuer, JPYC Inc., is expected to register as a money transfer business within the month, aiming to issue roughly $7 billion of the new cryptocurrency in the next three years.
To ensure its value aligns with the yen, it will …