Economy

Japan introduces the world’s first stablecoin pegged to the yen

The world’s first stablecoin pegged to the yen was launched in Japan on Monday, October 27, a small but significant step in a country where many consumers still prefer traditional means of payment such as cash and credit cards.

This was reported by "Komersant Ukrainian" with reference to Reuters.

Japanese startup JPYC has started issuing stablecoins, also known as JPYC, which are fully convertible into yen and backed by domestic savings and Japanese government bonds.

The company aims to issue 10 trillion yen ($66 billion) worth of JPYC within three years and ensure widespread use of digital assets abroad. Initially, it does not plan to charge transaction fees to encourage their use, but instead seeks to make money from the interest on JGB holdings.

Blockchain-based stablecoins are usually pegged to a fiat currency and offer faster and cheaper transactions.

According to the Bank for International Settlements, thanks to the strong support of US President Donald Trump, stablecoins pegged to the US dollar have grown dramatically and now account for more than 99% of the global supply of stablecoins.

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