JPYC, Japan’s first yen stablecoin issuer, stated its reserves could become a relevant buyer of Japanese Government Bonds. CEO Noritaka Okabe made this announcement after beginning operations under the country’s new payment law.
JPYC will allocate 80% of its reserve funds to government bonds and 20% to bank deposits. This structure could help fill the vacancy left by the Bank of Japan as it reduces its sovereign debt purchases.
The company has issued tokens worth $930,000 and projects reaching $66 billion in circulation within three years. Okabe anticipates stablecoin issuers will become important players in sovereign bond markets.
Source: Statements by Noritaka Okabe to Reuters
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