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So, Tokyo’s fintech darling JPYC just dropped Japan’s first yen-backed stablecoin. Because, hey, why not add more currency chaos to the world? 🌍💸
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JPYC went live this Monday, backed by-wait for it-bank deposits and government bonds. Riveting stuff. It’s also got a 1:1 exchange rate with the yen because, apparently, they thought parity was sexy. 💁\u200d♂️
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At a Tokyo press conference, JPYC President Noriyoshi Okabe declared this move a “major milestone in the history of Japanese currency.” Bold words, Noriyoshi. Bold words. Seven companies are already eyeing it like it’s the last sake at happy hour. 🍶
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JPYC’s launch comes as the global stablecoin market, ruled by dollar-pegged behemoths like USDT and USDC, hit a staggering $308 billion market cap. US dollar stablecoins are already cozying up in Japan, with Circle launching USDC back in March. Because why not compete? 💥
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The Platform Everyone’s Pretending to Understand
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Along with the stablecoin, JPYC launched JPYC EX, a platform for issuing and redeeming tokens. It’s governed by strict identity and transaction rules because, apparently, criminals love stablecoins. Who knew? 🕵️\u200d♂️
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Users can deposit yen via bank transfer, get JPYC in their wallets, and even withdraw yen. It’s like a digital piggy bank, but less cute and way more regulated. 🐷
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JPYC’s grand plan? “Achieve an issuance balance of 10 trillion yen over the next three years” and “create a new social infrastructure.” Sure, why not aim for the moon and Mars while you’re at it? 🌕🚀
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Because One Stablecoin Isn’t Enough
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JPYC might not be the only stablecoin kid on the block for long. Monex Group, a Tokyo-based financial services firm, announced plans for their own yen-pegged stablecoin. Because copying is the sincerest form of flattery, right? 😏
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Meanwhile, Japan’s big three banks-MUFG, SMBC, and Mizuho-are teaming up to launch their own yen stablecoin on MUFG’s Progmat platform. Because teamwork makes the dream work. Or something. 🤝
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And let’s not forget Japan’s Financial Services Agency, which might let banks hold cryptocurrencies like Bitcoin for investment. Because what’s more fun than playing with digital Monopoly money? 🎰
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So, Tokyo’s fintech darling JPYC just dropped Japan’s first yen-backed stablecoin. Because, hey, why not add more currency chaos to the world? 🌍💸
JPYC went live this Monday, backed by-wait for it-bank deposits and government bonds. Riveting stuff. It’s also got a 1:1 exchange rate with the yen because, apparently, they thought parity was sexy. 💁♂️
At a Tokyo press conference, JPYC President Noriyoshi Okabe declared this move a “major milestone in the history of Japanese currency.” Bold words, Noriyoshi. Bold words. Seven companies are already eyeing it like it’s the last sake at happy hour. 🍶
JPYC’s launch comes as the global stablecoin market, ruled by dollar-pegged behemoths like USDT and USDC, hit a staggering $308 billion market cap. US dollar stablecoins are already cozying up in Japan, with Circle launching USDC back in March. Because why not compete? 💥
The Platform Everyone’s Pretending to Understand
Along with the stablecoin, JPYC launched JPYC EX, a platform for issuing and redeeming tokens. It’s governed by strict identity and transaction rules because, apparently, criminals love stablecoins. Who knew? 🕵️♂️
Users can deposit yen via bank transfer, get JPYC in their wallets, and even withdraw yen. It’s like a digital piggy bank, but less cute and way more regulated. 🐷
JPYC’s grand plan? “Achieve an issuance balance of 10 trillion yen over the next three years” and “create a new social infrastructure.” Sure, why not aim for the moon and Mars while you’re at it? 🌕🚀
Because One Stablecoin Isn’t Enough
JPYC might not be the only stablecoin kid on the block for long. Monex Group, a Tokyo-based financial services firm, announced plans for their own yen-pegged stablecoin. Because copying is the sincerest form of flattery, right? 😏
Meanwhile, Japan’s big three banks-MUFG, SMBC, and Mizuho-are teaming up to launch their own yen stablecoin on MUFG’s Progmat platform. Because teamwork makes the dream work. Or something. 🤝
And let’s not forget Japan’s Financial Services Agency, which might let banks hold cryptocurrencies like Bitcoin for investment. Because what’s more fun than playing with digital Monopoly money? 🎰
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2025-10-27 09:11