The Tokyo-based financial technology company, JPYC, is set to register as a money transfer service provider this month. The global market capitalization of stablecoins, predominantly valued in USD, has recently surpassed $250 billion.
Stablecoins are a type of cryptocurrency built on blockchain technology, designed to maintain a stable value at a 1:1 ratio with traditional currencies like the US dollar. Amended Japanese legislation that came into force in June 2023 categorizes stablecoins as “currency-valued assets,” distinguishing them from other virtual currencies and permitting their issuance by banks, trust companies, and money transfer businesses.
The new Yen-backed stablecoin will be named JPYC. To ensure its value is pegged to the Yen, the coin will be backed by highly liquid assets such as deposits and government bonds. The sale to the market is expected to commence in the weeks following the completion of the money transfer business registration.
Individuals, businesses, and institutional investors wishing to use JPYC can apply for purchase and make payment transfers, after which the stablecoin will be deposited into their digital wallets. Use cases include international money transfers such as remittances for students studying abroad, business payments, and decentralized finance (DeFi) asset management services.
The goal is to issue 1 trillion Yen ($6.81 billion) worth of JPYC over three years. The project has garnered interest from various parties, including hedge funds investing in cryptocurrencies and asset management offices of high-net-worth individuals. Anticipated applications include carry trade transactions.
The current stablecoin market is largely USD-denominated, with prominent examples such as Tether’s USDT and Circle’s USDC, which is based in the US. Citigroup forecasts that the market will grow more than tenfold from its current size, potentially reaching $3.7 trillion by 2030.
Vu Hao (According to Nikkei Asia)
– 09:38 18/08/2025
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