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Japan Open Chain Plans Yen-Backed Stablecoin
Japan Blockchain Foundation announces upcoming plans to launch a Japanese Yen-backed stablecoin on Japan Open Chain and Ethereum.
More Yen-backed stablecoins are on the horizon in Japan (Robert Schwartz / Unsplash)
Japan Blockchain Foundation announces JPY stablecoin plans.
The company behind the Japan Open Chain (JOC) project has officially announced it is intending on issuing a Yen-backed stablecoin. With that, the EJPY stablecoin is set to launch pending approvals on JOC and Ethereum at a later date.
In a press release, the company comments on the initiative:
We believe that advancing preparations toward the issuance of the JPY-pegged stablecoin "EJPY" is a crucial step in evolving JOC into a financial infrastructure where actual settlements, remittances, and transactions take place.
JOC is bringing more focus on enterprise-led contributions to blockchain innovation, with around 14 corporations acting as current validators. The platform was also in earlier cooperation with Japanese banking groups post 2023 stablecoin regulations.
Now, this comes at a time when Japan is continuing to advance its domestic exposure to digital assets and stablecoins.
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