Japanese Nail Chain Convano Inc. Plans Yen-Pegged Stablecoin Development

According to PANews, Japanese nail salon chain Convano Inc. has announced its plans to develop a yen-pegged stablecoin, focusing initially on platform and network construction. The company aims to become an issuer in the future, although current Japanese regulations restrict issuance to banks and similar institutions. To navigate these restrictions, Convano Inc. will collaborate with money transfer operators to build a 'transfer and settlement network.' The long-term goal is to obtain a license by the end of December 2027 to meet legal requirements. In terms of platform development, Convano Inc. will partner with cryptocurrency exchange FINX JCrypto, using Japanese government bonds as reserve assets to ensure a 1:1 redemption ratio and establish a compliant system. The stablecoin development initiative is set to launch on September 1, 2025, with an initial investment of 50 million yen. Currently, Convano Inc. holds approximately 365 bitcoins, acquired for a total purchase amount of around 6.4 billion yen.