The Financial Services Agency in Japan (FSA) is preparing to agree to the edition of Stablecoins, early in the right, which represents the first time that the country has allowed a local digital currency.
Fintech will register in Tokyo JPYC as a money transfer company during the month and will lead the news News, which is Nihon Keizai Shimbun I mentioned Sunday.
JPYC is designed to maintain a fixed value of 1 jpy = 1 yen, supported by high liquid assets such as Japanese government deposits and government bonds. After purchasing requests from individuals or companies, symbols are issued by bank transfer to Digital wallets.
Approval comes at a time when Stablecoin’s global market, which is dominated by dollar assets such as USDT (USDT (USDT) And Circle’s USDC (USDC), Expanding to more than 286 billion dollars. While the US dollar is already a foothold in Japan, this will be the first lane -based offer in the country.
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Yen Stablecoins can reshape the Japanese bond market
In a conversation mail In X, OKABE, representative of JPYC source, said that Yen Stablecoins can have a significant impact on the Japanese bond market. He pointed out that in the United States, StableCoin exporters became the main buyers of the United States Treasury, and they held them as a guarantee of symbols.
He pointed out that there is a similar trend in Japan that can enhance the demand for Japanese government bonds (JGBS) if JPYC acquires widely. “JPYC is likely to start buying Japanese government bonds in large quantities to move forward,” he wrote.
Okabi also pointed out that the underdeveloped countries in the development of Stablecoin are at risk of high interest rates on government bonds, because they miss a new category of institutional demand. He said that monetary policy considerations are now pushing governments, including Japan, to accelerate the frameworks.
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Circle usdc is launched in Japan
As I mentioned, a circle Usdc was officially released in Japan on March 26After organizational approval to include SBI VC Trade, the encryption exchange is run under a joint venture between Sbi Holdings and Circle Japan Kk.
The approval, which was granted on March 4, was the first time that the country’s financial services agency has cleared foreign export stablecoin under its organizational framework.
At that time, Serkel said she plans to expand USDC lists to Binance Japan, BitBank and Bitflyer, two of which are ranked among the largest exchanges in Japan, each treatment exceeds $ 25 million in daily size and withdrawing more than 1.85 million monthly visits.
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