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JPY Stablecoin Issuer JPYC: JPY Stablecoin Reserve to Become Key Buyer of Japanese Government Bonds
BlockBeats News, November 12th. According to Cointelegraph, Japan's first officially licensed yen stablecoin issuer, JPYC, stated that as the stablecoin market expands, JPYC may become a significant buyer in the Japanese Government Bonds (JGBs) market. JPYC plans to invest 80% of its issuance revenue in government bonds and hold 20% in banks, a model that is expected to fill the market gap left by the Bank of Japan's slowing bond purchases. JPYC started issuing its yen stablecoin on October 27th, with a current circulation of around $930,000 and aims to reach $66 billion within three years.
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