Japan has launched the world's first yen-linked stablecoin

Japan has launched the world's first fully yen-linked stablecoin. This was reported on October 27 by the Reuters news agency.

The article notes that JPYC Inc. started issuing stablecoins, providing the digital currency with domestic reserves and Japanese government bonds.

The startup plans to issue up to 10 trillion ($66 billion) worth of digital yen over three years. Users will be able to transfer them without commission, and the company will earn a percentage of the invested funds.

According to former Bank of Japan governor Tomoyuki Shimoda, the proliferation of these stablecoins "will take time and will not be able to compete with dollar-pegged assets."

The deputy Head of the Bank of Japan, Ryojo Himino, noted that stablecoins "can change the global payment system and partially replace bank deposits."

According to the Bank for International Settlements, the market is currently dominated by dollar-backed stablecoins, accounting for more than 99% of the global supply of stablecoins. The global stablecoin market currently stands at about $247 billion.

Cryptoleto: American Laws have turned the digital currency Industry upside Down

The Congress adopted three acts related to cryptocurrencies at once

On August 26, Bloomberg reported that the company of the American leader Donald Trump, Trump Media & Technology Group Corp., exchange Crypto.com and Yorkville Acquisition Corp. An agreement has been announced to establish a digital asset management company, Trump Media Group CRO Strategy, Inc. It was clarified that the expected financing of digital assets will consist of $1 billion in CRO, $200 million in cash and $220 million in mandatory warrants, as well as an additional credit line of $5 billion from Yorkville. In addition, such a measure will make the company the first and largest publicly traded holder of the CRO token.

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