Japan to Approve First JPY-Backed Stablecoin JPYC

BlockBeats News, August 17th, according to Nikkei News, the Japan Financial Services Agency will approve the country's first issuance of a yen-denominated stablecoin JPYC this month. The Japan Financial Services Agency will register the fintech company JPYC Inc. as a funds transfer business operator, and sales are expected to begin a few weeks after registration. This digital currency will be backed by liquid assets such as government bonds to maintain its value stable at 1 JPYC = 1 yen.