Reported 2 days ago
The imminent launch of a blockchain-based yen-backed stablecoin, expected to be approved by Japan's Financial Services Agency this fall, coincides with the anticipated interest rate hikes by the Bank of Japan (BOJ). This stablecoin, to be introduced by Tokyo-based fintech JPYC, will trade at a 1:1 ratio with the Japanese yen, catering to needs like trading and international payments. There's industry interest, with Monex Group also considering a similar offering. As BOJ could move rates upwards, there’s potential for increased investment in yen-backed assets, contrasting with the U.S. Federal Reserve's direction.
Source: YAHOO