The world's first yen stablecoin — JPYC — has been issued by a startup in Japan as the country seeks financial innovation built upon its highly liquid and deep debt and currency markets.
“I believe this is one major turning point in the history of the Japanese currency, and we are pleased to be involved at its center,” said Noritaka Okabe, CEO of JPYC, the company that has issued the stablecoin sharing its name.
Stablecoins are basically digital clones of fiat money and often backed by assets, such as currencies and government bonds.
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