Japanese fintech company JPYCofficially launched JPYC, the country’s first legally recognized yen-backed stablecoin. presented. Trading began on Monday via the company’s own platform, JPYC EX. Financial Services AgencyThe company, which completed its registration with (FSA) as a money transfer service provider in August, stated that the stablecoin is pegged to the Japanese yen at a rate of 1:1.
A Legal, Multi-Blockchain Stablecoin
JPYC, Japan Payment Services Act It stands out as the first fully regulated stablecoin issued under the. The company backs its entire token offering 100 percent with yen deposits and government bonds. stablecoin, Avalanche 
$20.06, Ethereum 
$4,003.69 And polygon works on networks. JPYC announced that users who complete their identity verification through the “My Number” system can purchase the token through the JPYC EX platform.
JPYC has set a circulation target of 10 trillion yen (about $65.4 billion) over three years. An offering of this scale could position JPYC as a regional player in the global stablecoin market, following giants such as USDT and USDC. The company plans to grow through integration with different Blockchains and corporate partnerships.
Broad Ecosystem Support from Japanese Companies
Many Japanese technology and financial institutions are preparing to integrate JPYC into their own products. Densan System, stablecoin It develops solutions to integrate payment systems based on both physical stores and e-commerce infrastructures. Asteria, on the other hand, plans to add JPYC transaction feature to its corporate data integration software. It was also stated that JPYC transfers will be supported in the HashPort wallet application.
JapanWith the legal revision it made in mid-2023, it strictly controlled the issuance and circulation of stablecoins. This regulation brought about the official registration requirement for banks and money transfer institutions. Large financial institutions such as SMBC also increased the activity in the sector by announcing their own stablecoin projects in cooperation with Ava Labs and Fireblocks in April.
