Japanese financial company Monex Group is considering launching a yen-pegged stablecoin

ChainCatcher news, Tokyo-listed financial services company Monex Group announced that it is considering launching a yen-pegged stablecoin.

According to Monex Group, the proposed yen-pegged stablecoin will be backed by assets such as Japanese government bonds and can be exchanged for yen at a 1:1 ratio. Its potential applications include cross-border remittances and corporate settlements. Monex Group owns the Japanese cryptocurrency exchange Coincheck and operates a domestic brokerage business. The group plans to leverage these two business segments to advance the stablecoin project.