JPYC has signed a memorandum of understanding (MOU) with South Korean IT giant ITCEN and has begun joint research in the stablecoin field.
JPYC develops and operates the Japanese Yen stablecoin “JPYC”, which is issued and distributed on a public blockchain. The company started issuing the prepaid stablecoin “JPYC” in January 2021, and the cumulative amount issued exceeded 2.9 billion yen in August 2024. In line with the 2023 amendments to the Funds Settlement Act, we are proceeding with the registration of funds transfer business licenses. We are conducting an electronic payment method trading business to promote the issuance and distribution of the funds transfer industry type stable coin “JPYC”, which is an electronic payment method.
ITCEN, a major Korean IT group, is developing businesses in the field of real world assets (RWA), including a token business backed by Korean real world assets. As a leading company in the consortium, ITCEN plans to open Busan Digital Exchange (BDX), which will allow RWA and security token trading, by the end of the year. Furthermore, ITCEN is expanding its RWA business not only in Korea but throughout Asia.
In this joint research, the two companies will develop a stablecoin business by combining JPYC’s accumulated Japanese legal compliance know-how and blockchain technology with ITCEN’s RWA business based on transparency and security. We aim for further development. The two companies will work together to explore the creation of a new financial ecosystem, with an eye to the possibility of stable coins based not only on the Japanese yen but also on other currencies such as the Korean won.
