JPYC | Crypto

Sony Bank and JPYC will study real-time transfers enabling customers to buy the yen-pegged stablecoin JPYC directly from their bank accounts. Sony Bank said it has signed a memorandum of understanding with stablecoin issuer JPYC Inc. to study whether the Japanese yen-pegged stablecoin JPYC can be connected more directly to the bank’s deposit rails. In a statement on Monday, the companies said they will study real-time account transfers that would allow users to purchase JPYC instantly from their Sony Bank accounts through the JPYC EX platform, eliminating the need for manual bank transfers.  Sony Bank said its Web3-focused subsidiary, BlockBloom, will play a central role in designing how the bank link, stablecoin rails and potential consumer services would work in practice. Read more

JPYC President Noriyoshi Okabe said that the stablecoin has already garnered interest from seven companies that are looking to incorporate it into their services. Tokyo-based fintech firm JPYC has launched Japan’s first yen-backed stablecoin along with a platform to issue the new coin, amid a growing global race to corner the growing market. The Japanese yen stablecoin JPYC went live on Monday and is backed one-to-one by bank deposits and government bonds, and also has a 1:1 exchange rate with the yen, the company said on Friday. At a press conference in Tokyo, JPYC President Noriyoshi Okabe said the stablecoin from his company is a “major milestone in the history of Japanese currency,” and has also attracted interest from seven companies planning to incorporate it, according to a report from Business Insider Japan.   Read more