On August 27th, Tokyo-listed financial services company Monex Group announced that it is considering launching a stablecoin pegged to the Japanese Yen. According to Monex Group, this proposed stablecoin pegged to the Japanese Yen will be backed by assets such as Japanese government bonds, and can be exchanged for Yen at a 1:1 ratio. Potential use cases for this stablecoin include cross-border remittances and corporate settlements. Monex Group owns the Japanese cryptocurrency exchange Coincheck and operates a domestic brokerage business. The group plans to leverage these two major business segments to advance the stablecoin project.
