Japan’s FSA Set to Approve First Yen-Denominated Stablecoin This Fall
Japan's Financial Services Agency (FSA) is set to approve the first yen-denominated stablecoin this fall, as reported by Nihon Keizai Shimbun.
- Fintech company JPYC will register as a money transfer business with the FSA.
- JPYC's stablecoin aims to maintain a 1:1 peg with the yen, backed by liquid assets like bank deposits and government bonds.
- Stablecoins are digital assets tracking traditional financial assets, with major examples such as Tether's USDT and Circle's USDC pegged to the dollar.
- Regulatory advancements in stablecoins have been notable this year in major jurisdictions like the U.S. and Hong Kong.
No comments were provided by the FSA or JPYC regarding the approval process.