Japan launched its first Yen-dominated stablecoin, JPYC, today (October 27), throwing its hat into the ring to compete in the burgeoning global stablecoin market.
JPYC will serve as an electronic payment method under Japan’s Funds Settlement Act and will be issued and redeemed 1:1 with the Yen. The stablecoin intends to be used to send and receive payments instantly.
Backed by a low-cost, on-chain remittance service using blockchain technology, JPYC will be supported by assets that are issued in value to maintain the 100% balance of the Yen, via savings and government bonds.
JPYC EX is the platform being used for the issuance and redemption of JPYC. Users can receive insurance through a registered wallet address to deposit Yen or via a bank transfer. The wallet also supports refunds in Yen from the registered withdrawal account.
Furthermore, the JPYC Co. announced the launch of the software development tool JPYC SDK in order to popularise the stablecoin across Japan.
Using SDK, users can implement on-chain transmissions and reception by using chain-specific address conversion for balance acquisition, wallet integration, etc., with a “few lines of code”.
JPYC Co. has stated the Yen-backed stablecoin can be “freely incorporated and used by all businesses and developers without the need for a specific merchant contract or usage contract as an electronic payment method”.
Utilising a store payment network of more than 65,000 stores that have been built by the calculation system in convenience stores and drugstores nationwide, and the Japanese Yen stablecoin will develop use cases of B2B settlement and inter-company settlement.
Current use cases
The JPYC is currently set to be introduced as a means of compensation payment for creators at home or abroad, attempting to provide an environment to improve automation and reduce costs by being paid in the stablecoin.
JPYC Co. will integrate the “CryptoLinC” crypto asset income tool to support stablecoin users with tax and accounting.
CryptoLinC automatically pulls and aggregates transaction histories to calculate profit and loss for tax returns and bookkeeping.
The company’s goal is to reduce the accounting burden for both individual investors and corporate users, while building a JPYC-based economic ecosystem which spans in-store and e-commerce payments, inter-company settlements, Web3 wallets, corporate accounting, SaaS integrations and creator monetisation.
Under this partnership, JPYC Co. says it will “challenge the creation of a new social infrastructure” through stablecoins, targeting an issuance balance of 10 trillion yen within the next three years.
