Yen Carry Trade Could Go 24/7 With Onchain Stablecoins
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For decades, the yen has powered the global carry trade, where investors borrow cheaply in yen and deploy capital into higher-yield assets abroad. Recent rate hikes by the Bank of Japan have already shaken global markets and assets like Bitcoin. Now, a yen-backed stablecoin could bring that carry trade directly into decentralized finance — and make it operate 24/7.
Startale Group recently unveiled JPYSC, a planned yen-backed stablecoin designed specifically to enable onchain carry trades. If approved, investors could borrow yen stablecoins at low rates, swap into dollar stablecoins and deploy capital into DeFi strategies instantly — bypassing traditional banking delays. While retail participation in Japan remains muted due to high crypto taxes, institutional momentum suggests the yen may soon play a much larger role inside blockchain-based capital markets.