Japan Financial Service Agency (FSA) The first stablecoin will approve called Yen this fall, according to a report by Nihon Keizai Shimbun on Sunday.
The company Fintech Jpyc will register as a money transfer company to the FSA, paving the way for approval of the first stablecoin. Jpyc’s stablecoin is built to maintain an ankle 1: 1 with the currency and is supported by liquid assets such as bank deposits and state obligations.
Stablecoins are digital assets which follow the value of a traditional financial asset such as a fiat currency. The largest stablecoins such as the USDT of Tether and the USDC of Circle are fixed to the dollar, but there are an increasing number of tokens that follow other currencies such as the euro.
Stablecoins were at the forefront of regulatory progress for digital assets this year, with major courts such as the United States and Hong Kong introducing diets for their license and surveillance.
Neither the FSA ni Jpyc responded to the request for comments from Coindesk.
