Japan Prepares First Yen-Backed Stablecoin Amid Global Regulatory Shift
Japan is set to launch its first fully collateralized, yen-backed stablecoin later this year, marking a shift in its previously passive stance on blockchain technology. Monex Group is considering a yen-pegged stablecoin to enhance international remittances and corporate settlements, while fintech JPYC plans to introduce the first yen stablecoin this fall. JPMorgan will invest up to $500 million in Numerai, a crypto-friendly hedge fund, which has seen significant returns through AI and crowdsourcing. ETHZilla has approved a $250 million share buyback after acquiring over 102,000 ETH, raising concerns about overleveraging risks. KindlyMD aims to purchase $5 billion in Bitcoin, following a $679 million acquisition, to reach a goal of 1 million BTC.
