The world's first yen stablecoin was officially issued in Japan today

ChainCatcher news, the world's first stablecoin pegged to the Japanese yen was officially issued in Japan today.

Japanese startup JPYC announced the issuance of a stablecoin that is fully convertible to the yen, supported by domestic savings and Japanese government bonds. Ryozo Himino, Deputy Governor of the Bank of Japan, stated last week that stablecoins could become key players in the global payment system, partially replacing the role of bank deposits. JPYC will initially not charge transaction fees to expand its usage, generating revenue through the interest earned from holding Japanese government bonds. Tomoyuki Shimoda, a scholar from Rikkyo University and former central bank executive, believes that the popularization of the yen stablecoin in Japan will take at least 2-3 years.