A Tokyo-based startup says it will issue the first stablecoin cryptocurrency pegged to the Japanese yen later this year.



JPYC made the announcement last week after completing the necessary registration in the country.



CEO Okabe Noritaka said, "I believe stablecoins could grow to a scale far surpassing the bank transfer network."



He added that he hopes to help enhance the value of the Japanese yen and the overall development of the economy.



Stablecoins employ blockchain technology and are pegged to a fiat currency such as the yen or the dollar.
They enable low-cost international transfers and instant payments without going through financial institutions.



The company says it hopes to issue more than 1 trillion yen's worth of the stablecoin over three years. That equates to nearly 7 billion dollars.



It aims to have the cryptocurrency used in trade and inter-company transactions in the future.
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Quiz 1:
Which country is the Tokyo-based startup from?
A. United States
B. Japan
C. China
D. Germany

Quiz 2:
What kind of cryptocurrency is the Tokyo-based startup planning to issue later this year?
A. Bitcoin
B. Ethereum
C. Stablecoin pegged to the Japanese Yen
D. Ripple

Quiz 3:
How much does the company aim to issue over three years in terms of stablecoin value?
A. Less than $1 billion
B. $1 billion - $10 billion
C. More than $10 billion but less than $100 billion
D. More than $100 billion