Tokyo-based financial services giant Monex Group is considering launching a Japanese yen-pegged stablecoin, signaling a major step toward embracing digital currency innovation in Japan.
Why Monex is Exploring a Yen Stablecoin
Monex Group Chairman Oki Matsumoto told TV Tokyo that the company is evaluating the issuance of a yen-backed stablecoin. He emphasized the importance of staying competitive in the rapidly evolving financial landscape:
“Issuing stablecoins requires significant infrastructure and capital, but if we don’t handle them, we’ll be left behind,” said Matsumoto.
The proposed stablecoin would be redeemable 1:1 with the Japanese yen and backed by secure assets such as Japanese government bonds. Its intended use cases include international remittances, corporate settlements, and digital payments, supporting the wider adoption of blockchain-based financial tools.
Integration with Monex’s Existing Platforms
Monex plans to leverage its crypto exchange Coincheck and Monex Securities brokerage to expand this initiative. The company is also reportedly in final negotiations to acquire European crypto-related firms, with an official announcement expected soon. This move aims to strengthen Monex’s global digital finance presence, following Coincheck’s Nasdaq listing in late 2024.
Japan’s Evolving Stablecoin Landscape
This development comes as Japan’s Financial Services Agency (FSA) is preparing to approve domestic yen-denominated stablecoins as early as this fall, marking the first time Japan will allow a fiat-backed digital currency within its borders.
Earlier this year, Circle’s USDC stablecoin received regulatory approval in Japan, and major financial firms like SBI Holdings have already integrated USDC into their systems. The easing of Japan’s stablecoin regulations, which began after lifting the foreign stablecoin ban in 2023, has paved the way for more regulated digital assets in the country.
Disclaimer
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