JPYC Launches the World’s First Yen-Backed Stablecoin in Japan

Japan’s fintech startup JPYC has launched the world’s first yen-backed stablecoin, issuing up to ¥10 trillion ($66 billion) over three years. Backed by government bonds and savings, JPYC will earn through bond interest rather than fees. While dollar-backed stablecoins currently dominate 99% of global supply, JPYC’s debut marks Japan’s bid to diversify global crypto liquidity—even as experts doubt it can rival the dollar’s reach.