Japan Financial Services Agency (FSA) It will approve the first stablecoin called Yen as soon as this fall, according to a Nihon Keizai Shimbun report on Sunday.
The Fintech JPYC company will be registered as a money transfer business with the FSA, racing the way for the approval of the first Yen Stablecoin. JPYC Stablecoin is built to maintain a 1: 1 PEG with the currency and is backed by liquid assets such as bank deposits and government bonds.
Stablecoins are digital assets that track the value of a traditional financial asset, such as a fiduciary currency. The largest stable, such as the USDT USDT of Tether and the USDC of Circle, are linked to the dollar, but there is a growing number of tokens that track other coins such as the euro.
The stablecoins have been at the forefront of the regulatory advances of digital assets this year, with great jurisdictions such as the United States and Hong Kong introducing regimes for their licenses and supervision.
Neither the FSA nor the JPYC responded to the request for comments from Coindesk.
