Japan's Financial Services Agency Plans First Approval for Yen Stablecoin Issuance
The Financial Services Agency of Japan is reportedly planning to grant the first-ever approval to Tokyo-based fintech (finance + technology) company JYPC to issue a yen stablecoin pegged to the value of legal tender.
According to Yonhap News and foreign media reports on August 17, the Financial Services Agency of Japan is expected to register JYPC as a business authorized to issue stablecoins as early as this month. JYPC has set a goal to issue and begin selling a stablecoin named "JYPC" within a few weeks after registration is complete.
The revised Payment Services Act, which took effect in June 2023, defined stablecoins separately from general cryptocurrencies and designated banks, trust companies, and funds transfer service providers as eligible issuers. JYPC is expected to be registered as a funds transfer service provider.
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The unit of the stablecoin to be issued by JYPC will be called JYPC, and the company plans to maintain the value of 1 JYPC at 1 yen by securing assets such as deposits or government bonds to back the stablecoin's value. Over the next three years, JYPC aims to issue up to 1 trillion yen worth of stablecoins for purposes such as international remittances.
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