Editor’s Note: This story has been updated to include comments from the Financial Services Agency of Japan
Japan is set to approve the nation’s first yen-denominated stablecoin, the country’s market regulator confirmed Tuesday.
JPYC Stablecoin On The Way In Japan
A Financial Services Agency spokesperson told Benzinga that JPYC Inc., the stablecoin’s issuer, has been registered as a regulated entity authorized to issue yen-backed stablecoins.
JPYC also revealed in an X post that it has become the first fund transfer service provider in Japan to issue cryptocurrencies that are pegged 1:1 to the national currency.
The company said the stablecoin will be deployed on Ethereum (CRYPTO: ETH), Avalanche (CRYPTO: