Japan to Approve First Yen-Backed Stablecoin This Fall: Report

Japan’s Financial Services Agency (FSA) is preparing to approve the issuance of yen-denominated stablecoins as early as this fall, marking the first time the country will allow a domestic fiat-pegged digital currency.

Tokyo-based fintech firm JPYC will register as a money transfer business within the month and will lead the rollout, Japanese news outlet The Nihon Keizai Shimbun reported on Sunday.

JPYC is designed to maintain a fixed value of 1 JPY = 1 yen, backed by highly liquid assets such as bank deposits and Japanese government bonds. After…