Japan has officially entered the realm of digital currencies with the launch of its first legally recognized yen-pegged stablecoin, the JPYC.
Issued by fintech company JPYC Inc., the coin began trading on Monday, marking an important milestone in the country's adoption of blockchain-based finance.
The stablecoin operates under the regulatory framework of Japan's Payment Services Act, which requires a 100% reserve.
JPYC Inc., registered with the Financial Services Agency, holds all reserves in yen deposits and government bonds to ensure 1:1 parity. The token is initially available on the Avalanche, Ethereum, and Polygon blockchains.
To purchase JPYC, users must complete identity verification using Japan's "My Number" ID card through the dedicated JPYC EX platform.