Japanese fintech firm JPYC is anticipating approval from the Financial Services Agency (FSA) for its yen-backed stablecoin, potentially making it the first regulated stablecoin in Japan. The company has operated a version of the token but aims to comply with the country's stablecoin framework and broaden sales to various investors. JPYC plans to issue nearly $7 billion worth of the token within three years. This move aligns with a global trend where stablecoins have garnered significant regulatory interest, as seen in the recent legislation in countries like the U.S. and Hong Kong. The stablecoin legislation in Japan took effect in June 2023, with further amendments proposed in March. In contrast, Circle's USDC has already launched in Japan, marking the first regulated dollar-pegged stablecoin in the country. JPYC's CEO has emphasized that the stablecoin should be seen as an electronic payment method rather than a cryptocurrency, stressing its link to fiat currency and its potential for various payment uses, including cross-border transactions.

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