A Tokyo-based fintech innovator, JPYC Corporation, has launched a fresh digital currency pegged to the value of the Japanese yen.
The digital token, designated JPYC, was made available starting October 24th, according to an announcement released by the company.
This digital currency is backed on a 1:1 basis by Japanese yen reserves held in established financial institutions and Japanese government bonds. JPYC has affirmed that each JPYC token is redeemable for one Japanese yen at any given moment.
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Concurrently with the token launch, JPYC introduced JPYC EX, a platform designed to facilitate the acquisition and redemption of the stablecoin through a fully compliant process.
The platform strictly adheres to Japanese legal regulations regarding identity verification and transaction monitoring to actively combat money laundering activities.
To acquire JPYC tokens, individuals must transfer Japanese yen to a specified bank account. Upon confirmation of the deposit, the corresponding amount of the stablecoin is promptly issued to the user’s digital wallet. Conversely, should a user wish to exchange the token back into Japanese yen, they can initiate a redemption request to a previously authorized bank account.
During a press conference held in Tokyo, JPYC’s CEO, Noriyoshi Okabe, emphasized the launch as a pivotal advancement for the Japanese monetary framework.
According to Business Insider Japan, at least seven entities have expressed strong interest in incorporating the token within their service offerings.
In related news, Kyrgyzstan has recently presented KGST, a new stablecoin pegged to the value of the Kyrgyzstani som. What are the thoughts of Changpeng Zhao, previously the head of Binance
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