Japan to Launch Yen-Pegged Stablecoin with $66 Billion Target
A new stablecoin, JPYC, pegged to the Japanese yen, is set to launch with an ambitious goal of issuing approximately $66 billion in tokens over the next three years. The project, led by Japanese startup JPYC, aims for widespread international adoption.
Project Highlights
- Operator: The project is spearheaded by Japanese startup JPYC, according to a report from Reuters.
- Technology: The JPYC stablecoin will operate on the Avalanche, Ethereum, and Polygon blockchains.
- Backing: It is fully backed by a combination of Japanese government bonds and deposits held in the national currency.
- Incentives: To encourage early adoption, transactions with JPYC will initially be fee-free.
The launch is a significant step for Japan, where many still prefer traditional payment methods. However, some experts believe JPYC won't have the same momentum as dollar-backed tokens.
The global stablecoin market is currently valued at over $300 billion and is heavily dominated by tokens pegged to the US dollar. For comparison, Tether's USDT has a market capitalization of $183 billion, while Circle's USDC stands at $76 billion.
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