World’s first yen-pegged stablecoin debuts in Japan

The world’s first stablecoin pegged to the yen will be launched in Japan on Monday, a small but significant move in a country where traditional payment means like cash and credit cards dominate financial infrastructure.

A Japanese startup, JPYC, said it will begin issuing stablecoins that are fully convertible to the yen and backed by domestic savings and Japanese government bonds (JGB).

The move follows U.S. President Donald Trump’s support for the sector that has sparked a revival of interest in the idea of using blockchain in the mainstream financial system.