Japanese startup JPYC to launch first yen-pegged stablecoin

The world's first stablecoin pegged to the yen will launch in Japan on Monday. A Japanese startup, JPYC, said it will begin issuing a stablecoin fully convertible into yen and backed by domestic savings and Japanese Government Bonds (JGBs). Initially, the JPYC stablecoin will not charge transaction fees to focus on expanding its use, but will instead earn income through interest on holding JGBs.