Japanese startup JPYC issues world's first yen stablecoin

Odaily Planet Daily reports that Japanese startup JPYC announced today the official launch of a stablecoin pegged 1:1 to the Japanese yen. The token is backed by domestic savings and Japanese government bonds. Bank of Japan Deputy Governor Ryozo Himino recently stated that stablecoins have the potential to become a vital component of the global payment system, partially replacing bank deposits. JPYC stated that the project will initially waive transaction fees to expand its reach and generate income through interest on government bonds. Rikkyo University scholar and former central bank executive Tomoyuki Shimoda estimates that it will take approximately two to three years for yen stablecoins to become widely used in Japan.