Japanese startup JPYC has launched the first stablecoin pegged to the yen, backed by domestic savings and Japanese government bonds.

JPYC Is The First Yen-Backed Stablecoin In The World

JPYC announced on Monday the launch of its yen-backed stablecoin , also called “JPYC.” A stablecoin is a cryptocurrency pegged to a fiat currency, and at present, the sector is heavily dominated by tokens tied to the US Dollar, with USDT and USDC alone accounting for the majority of the market.

Japan is now also dipping into the space with this new stablecoin. According to JPYC, the token will be backed 1:1 by domestic deposits and Japanese government bonds (JGBs). Users can buy or sell the asset through JPYC EX, the Japanese startup’s official platform. The company is offering zero fee on issuance a

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