TechFlow news, October 27 — According to Reuters, the world's first yen-pegged stablecoin was officially launched in Japan today. Japanese startup JPYC announced the issuance of a stablecoin fully redeemable for yen, backed by domestic deposits and Japanese government bonds.
Ryozo Himino, Deputy Governor of the Bank of Japan, said last week that stablecoins could become key players in the global payment system, partially replacing bank deposits. JPYC will initially charge no transaction fees to promote adoption, generating revenue from interest on holdings of Japanese government bonds.
Tomoyuki Shimoda, scholar at Rikkyo University and former central bank executive, believes it will take at least two to three years for yen-denominated stablecoins to gain widespread adoption in Japan.
