Japan launches its first yen-backed stablecoin, JPYC
Japan's JPYC Inc. has launched the country's first legally recognized yen-backed stablecoin, JPYC, which maintains a 1:1 peg with the yen and is backed by yen deposits and government bonds. The stablecoin is available on multiple blockchains and aims to reach 10 trillion yen in circulation within three years, with several Japanese businesses planning to incorporate it into their services.