JPYC Starts JPYC Stablecoin Issuance

JPYC has announced it has started to issue its JPYC stablecoin.

JPYC has revealed it is officially starting to issue the first Japanese Yen-backed stablecoin JPYC, which is backed by JGB (Japanese Government Bond) reserves and has ambitious plans to scale the issuance to trillions globally. They secured a license back in August under the FSA (Financial Services Agency) as a Type 2 Fund Transfer Service Provider.

This is operated via its exchange JPYC EX with a 'non-custody' type of infrastructure implemented, which also offers clients 0 fees for buying and redeeming the JPYC stablecoin, and will be available on Ethereum, Avalanche and Polygon. Interestingly enough, the team's earlier pitch deck additionally showed early innovation and intent to become one of the biggest issuers across web3 sectors and public-private markets.