On August 27, Monex Group, a Tokyo-listed financial services company, announced it is considering launching a stablecoin pegged to the Japanese yen. According to Monex Group, the proposed yen-pegged stablecoin would be backed by assets such as Japanese government bonds and redeemable 1:1 for Japanese yen. Potential applications include cross-border remittances and corporate settlements.
Monex Group, which owns the Japanese cryptocurrency exchange Coincheck and operates a local brokerage business, plans to leverage these two businesses to advance its stablecoin project.
