Japan startup to issue first yen-pegged stablecoin

Japanese startup JPYC said it will issue the first stablecoin pegged to the yen later in the year after receiving a licence this week.

The stablecoin, which will be called “JPYC”, will be fully convertible to the yen and backed by domestic savings and Japanese government bonds (JGBs), the company’s CEO Noritaka Okabe told a news conference.

“Initially, we expect demand to come from institutional investors, hedge funds and family offices in Japan,” he said.

“Eventually, we aim to have JPYC used overseas as digital yen and delivered to people across the…