The world's first yen stablecoin officially launched in Japan today.

Jinse Finance reported that Japanese startup JPYC has announced the launch of a stablecoin that is fully redeemable for Japanese yen, backed by domestic savings and Japanese government bonds. Ryozo Himino, Deputy Governor of the Bank of Japan, stated last week that stablecoins could become key participants in the global payment system, partially replacing the role of bank deposits. JPYC will initially not charge transaction fees to expand its user base and will earn revenue from the interest on Japanese government bonds it holds. Tomoyuki Shimoda, a scholar at Rikkyo University and former central bank executive, believes that it will take at least 2-3 years for yen stablecoins to become widely adopted in Japan.