Japan to approve first yen-denominated stablecoin JPYC

According to Nikkei, Japan's Financial Services Agency (FSA) will approve the issuance of the country's first yen-denominated stablecoin, JPYC, this month. The FSA will register fintech company JPYC Inc. as a remittance business, with sales expected to begin within weeks of registration. The digital currency will be backed by liquid assets such as government bonds to maintain its value at a constant 1 JPYC = 1 yen.