Circle-Backed Company's Yen Stablecoin Nears Official Approval In Japan: Report

Japan’s market regulator is on the verge of approving the nation’s first yen-denominated stablecoin, according to a report dated Sunday.Disclosure: 82% of retail CFD accounts lose moneyJPYC Stablecoin On The Horizon?The Financial Services Agency is preparing to authorize the issuance of JPYC, an Ethereum ETH/USD-based cryptocurrency pegged to the value of yen, Nikkei reported. The move is designed to leverage the stablecoin for international remittances and beyond.The stablecoin’s issuer, JPYC Inc., is expected to register as a money transfer business within the month, aiming to issue roughly $7 billion of the new cryptocurrency in the next three years.To ensure its value aligns with the yen, it will be underpinned by liquid assets such as deposits and government bonds, the report said.The FSA didn’t immediately return Benzinga’s request for commentCircle Is Backing JPYC IssuerJPYC CEO Noritaka Okabe disclosed in an X post that the company has received investments from Circle Internet Group Inc. CRCL, the issuer of the world’s second-largest stablecoin USDC USDC/USD and a recent Wall Street entrant.Circle had expressed interest in launching a stablecoin in Japan, following the implementation of legislation governing stablecoins in the country.Price Action: Shares of Circle closed 7.20% higher at $149.26 during Friday’s regular trading session.As of this writing, CRCL exhibited a low value score — a percentile-ranked composite metric that evaluates a stock's relative worth by comparing its market price to fundamental measures — as of this writing. Visit Benzinga Edge Stock Rankings to find out the best performers on this metric.Photo Courtesy: Sebaguir on Shutterstock.com Japan’s Economy Grows Faster Than Expected, China Loses Momentum As Tariff Impact Looms: Nikkei Bounces, US Futures Mixed