Yen-backed Stablecoin to be Approved
Ryuta Minamihata & Takanobu Aimatsu from Nikkei:
The new yen-denominated stablecoin will be named JPYC. To peg its value to the yen, it will be backed by such highly liquid assets as deposits and government bonds. Sales are expected to begin in the weeks after registration as a money transfer business is established.
Individuals, corporations and institutional investors wanting to use the new JPYC stablecoin will be able to apply to purchase it and transfer the payment, after which it will be transferred into their electronic wallets. Uses will include such international remittances as sending money to students abroad, as well as corporate payments and the blockchain-based asset management services known as decentralized finance.
For reasons still unknown, we are being dragged into this world against our will.