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Japan is on the verge of approving yen-backed stablecoins, with fintech giant JPYC leading the issuance. The Tokyo-based company is set to complete registration as a money transfer business, paving the way for the first domestic fiat-pegged digital currency in the country.
- JPYC will issue yen-backed stablecoins at a 1:1 peg, supported by liquid assets like bank deposits and government bonds.
- The stablecoin's adoption could make JPYC a significant buyer of Japanese government bonds, similar to U.S. trends.
- Japan's move reflects a global push toward stablecoin adoption, with the market now valued at over $286 billion.
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