By Leika Kihara

TOKYO (Reuters) -Japanese startup JPYC said it will issue the first stablecoin pegged to the yen later in the year after receiving a licence this week.

The stablecoin, which will be called “JPYC”, will be fully convertible to the yen and backed by domestic savings and Japanese government bonds (JGBs), the company’s CEO Noritaka Okabe told a news conference.

“Initially, we expect demand to come from institutional investors, hedge funds and family offices in Japan,” he said.

“Eventually, we aim to have JPYC used overseas as digital yen and delivered to people across the world.”

JPYC, which plans to issue the stablecoin around autumn, said it would not charge transaction fees. Instead, the more stablecoins it issues, the more JGBs it will hold, and it would earn money fro

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