Japanese company DeCurret DCP Inc. is developing a crypto project that will issue a stablecoin linked to the yen exchange rate and backed by bank deposits.
E-payment software company DeCurret DCP Inc. has published a white paper of its cryptocurrency project that will release the DCJPY coin in July 2024.
Essentially, DCJPY will be a stablecoin, although the company’s representatives claim that it can’t be considered as such under Japan’s legal system. According to the white paper, DCJPY is a yen-denominated digital currency that will be used for transactions in the blockchain ecosystem. DCJPY is also not a CBDC as the issuer of the coins will be Aozora Bank, a commercial organization with 19 branches in Japan.
The main purpose of DCJPY is to expand opportunities for users and business entities. Thus, it’ll be possible to use the coin for:
- payment for goods and services;
- purchase of digital assets;
- NFT minting;
- issuing security and governance tokens.
Basically, any bank will be able to mint DCJPY backed by tokenized deposits. DeCurret representatives promise to provide more information on the future possibilities of DCJPY by holding a meeting with interested parties in Tokyo within the week.
The possibility of issuing stablecoins in Japan is also being explored by Binance in cooperation with Mitsubishi UFJ Trust and Banking Corporation (MUTB).
