Monex Group of Japan Eyes Stablecoin Launch Backed By Yen

Monex Group, a Japanese investment advisory firm, is reportedly planning to launch its in-house stablecoin, which is expected to be pegged to the Yen, the fiat currency of the nation

According to a regional media outlet of Japan, the TV Tokyo Monex Group is eyeing to launch a stablecoin soon, and in an interview with the organization, the chairman of the board, Matsumoto said that issuance of a stablecoin needs a significant scheming and capital but if we don’t handle it we won’t able to keep up with the times we will respond appropriately

It is worth noting that stablecoins have continued to penetrate the financial ecosystem, and with time, dozens of companies have now joined the list in the issuance of stablecoins, helping the market to reach $1 trillion very soon

The company is planning to issue a yen-pegged stablecoin backed by assets such as government bonds. It aims to expand its business by making the largest customer base of Coincheck and Monex Securities, the operators of Japan’s largest digital asset exchange

Japan’s legislation on stablecoins was one of the 1st, but in a market full of events and updates, it remained away from the spotlight. However, with a changed stance over time, now yen-backed stablecoin will also be available to distribute in the market, adding value to the wider market

By the end of this year, the revenue of Japan’s crypto market is expected to reach $2.00 billion with a growth of 3.44%

Stablecoin is slowly moving towards $1T mark with private players entry

As per the data from CoinMarketCap, the global stablecoin market is valued at $293 billion, and the trading volume is $172,287,491, 331 and the market is topped by USDT with the highest market cap and trading volume, followed by USDC and USDe

Market experts argue that the changing shape of stablecoin globally seems to be following the regulatory clarity over these products in the United States and Hong Kong. The list of trending stablecoins has been led by Tether, USDC, RLUSD, USD1, USDe, DAI, and PYUSD

However, the weekly gainers list has been topped by USDJ, MXNt, GYEN, Steem Dollars, TOR, AMPL, and JUSDC

The worldwide usage of stablecoin is peaking as nowadays even many financial institutions prefer stablecoin for cross-border payments, reducing transfer charges and the traditional hassle of old-school cross-border payments

In terms of trading price, Quorium is one of the most costly stablecoins, followed by Amnis Aptos Coin, Edelcoin, FLEX, USDJ, VGBP, and VCHF

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