Japanese nail salon chain Convano plans to partner with crypto exchanges to issue a stablecoin pegged to the Japanese yen.

Japanese nail salon chain Convano Inc. has announced the launch of its yen-pegged stablecoin planning and development project, currently focusing on building the platform and network, with the goal of becoming the issuer in the future. This project aims to establish the stablecoin's underlying system, but due to restrictions imposed by Japan's funds settlement laws, issuers are limited to banks and other institutions. To this end, the company is initially collaborating with money transfer providers to build a "transfer and settlement network," with the long-term goal of obtaining its own license to meet legal requirements by the end of December 2027. To develop the platform, the company will collaborate with cryptocurrency exchange FINX JCrypto, using Japanese government bonds and other assets as backing assets to ensure 1:1 redemption and establish a compliance system. The project is scheduled to launch on September 1, 2025, with an initial investment of 50 million yen. The company currently holds approximately 365 bitcoins, with a total purchase price of approximately 6.4 billion yen.