Crypto Biz: Japan’s quiet stablecoin coup
Japan readies its first yen-backed stablecoin, signaling a shift from regulatory caution to active participation in digital finance.
Japan was the first country to establish a regulatory framework for stablecoins. Yet, until now, it has taken a seemingly passive role in the technology, with no blockchain-based representation of its national currency, the yen. That may soon change.
After years of quiet infrastructure development, Japan is preparing to launch its first fully collateralized, yen-backed stablecoin later this year.
Takashi Tezuka, Japan’s country manager at Web3 infrastructure provider Startale Group, told Cointelegraph that the gap between Japan and the United States on stablecoins reflects a deeper philosophical difference.