A financial technology company based in Tokyo, JPYC, has introduced a new digital token that is tied to the Japanese yen.
The digital token, also known as JPYC, became available on October 24, according to the company’s announcement.
It is backed equally by Japanese yen held in bank accounts and by government-issued bonds. The company confirmed that one JPYC token can be exchanged for one Japanese yen at any time.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
Candlesticks, Trendlines & Patterns Easily Explained (Animated Examples)
Alongside the token, JPYC launched a platform named JPYC EX. This service allows users to obtain or return the stablecoin through a regulated process.
The platform follows strict identification and transaction checks under Japan’s legal framework to prevent money laundering.
To get JPYC, users must transfer yen to a designated account. Once received, the equivalent amount in stablecoin is sent to their digital wallet. If users want to convert the token back into yen, they can request a refund to a pre-approved bank account.
At a press event in Tokyo, JPYC’s president, Noriyoshi Okabe, described the launch as an important step forward for Japan’s currency system.
According to Business Insider Japan, seven companies have already shown interest in using the coin for their own services.
Recently, Kyrgyzstan introduced a new stablecoin called KGST, which is tied to the Kyrgyzstani som. What did Changpeng Zhao, former CEO of Binance
$10.57B
