Japan’s Race Toward a Yen-Backed Digital Asset Accelerates

[cryptoenthusiast]

After years of preparation, Japan’s JPYC launched a yen-pegged stablecoin backed by bank deposits and government bonds. The FSA has signaled it may approve additional yen-backed tokens by 2026, while megabanks such as MUFG, SMBC and Mizuho are exploring issuance through their shared platform, Progmat. Japan’s institutional stablecoin ecosystem is rapidly taking shape.

[Abdul Khan]

A yen-backed digital asset could reshape Japan’s financial landscape.

[Nahid Hossen]

Japan is clearly trying to stay ahead in the CBDC race.