JPYC Launches Japan's First Yen-Backed Stablecoin Amid Global Market Expansion

According to Cointelegraph, Tokyo-based fintech company JPYC has introduced Japan's first yen-backed stablecoin, JPYC, alongside a platform for its issuance. This development marks a significant step in the global race to dominate the expanding stablecoin market. The JPYC stablecoin, which became available on Monday, is backed one-to-one by bank deposits and government bonds, maintaining a 1:1 exchange rate with the yen. JPYC President Noriyoshi Okabe described the stablecoin as a 'major milestone in the history of Japanese currency' during a press conference in Tokyo source: https://www.binance.com/en/square/post/31567063890089?utm_source=BinanceNewsRSS