Stablecoin Shift: Japan Eyes Approval Of Yen-Backed Token
Japan is inching towards the approval of its first yen-backed stablecoin, with regulators likely to approve it as soon as October. Related Reading: Crypto Clampdown: South Korea’s Jeju City Goes After Suspected Tax Evaders Nikkei reports that the token, named JPYC, will be issued by Tokyo fintech company JPYC and will be backed by the […]
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Japan’s three largest banking groups have received the greenlight from the FSA for a stablecoin issuance and cross-border payments project. Mitsubishi UFJ, Mizuho, & Sumitomo Mitsui To Jointly Issue Stablecoins As announced in a press release by MUFG bank, its banking group, along with two other major financial institutions, has just received approval from Japan’s […]
Japanese startup JPYC has launched the first stablecoin pegged to the yen, backed by domestic savings and Japanese government bonds. JPYC Is The First Yen-Backed Stablecoin In The World JPYC announced on Monday the launch of its yen-backed stablecoin, also called “JPYC.” A stablecoin is a cryptocurrency pegged to a fiat currency, and at present, […]
Avalanche (AVAX) is steadily expanding its international presence and now operates in Asia, gaining momentum in both Korea and Japan with new stablecoin payment solutions. Related Reading: MoneyGram Taps Stablecoins To Shield Colombians From Peso Weakness The South Korean custodian BDACS recently launched KRW1, the country’s first Korean won–backed stablecoin, fully collateralized with deposits at […]
The new decentralized finance (defi) stablecoin project called Fei had some issues this week after the 1:1 USD pegged token dropped well below its targeted $1 value. The Fei project was supposed to be similar to Maker DAO’s algorithmic DAI stablecoin and it was backed by major venture capital firms. Fei Protocol Market Price Drops to $0.73 and the Stablecoin Fei’s Bid Slides to $0.136 On social media and forums, crypto advocates have been discussing the defi project called Fei after it lost its peg with the U.S. dollar this week. Currently, a single fei (FEI) is exchanging....
On Sunday, the non-custodial market protocol Aave announced that the Aave DAO has approved a new stablecoin for the ecosystem called “GHO.” Aave Companies proposed the stablecoin during the first week of July and the collateral-backed stablecoin will be pegged to the U.S. dollar’s value.
A New collateral-Backed Stablecoin Crafted by Aave Companies Is Due to Launch After the Aave DAO Votes on Genesis Parameters
Aave explained on Sunday that the Aave decentralized autonomous organization (DAO) approved a proposal to create a stablecoin token called....