The Financial Services Agency of Japan will approve the first yen-denominated stablecoin JPYC

ChainCatcher news, according to Jinshi reports, the Financial Services Agency of Japan will approve the country's first yen-denominated stablecoin JPYC this month.

The Financial Services Agency will register the fintech company JPYC Inc. as a remittance business company, and sales are expected to begin within weeks after registration. This digital currency will be backed by liquid assets such as government bonds to maintain its value stable at 1 JPYC = 1 yen.