Monex Group Considers Launching Yen-Pegged Stablecoins
Monex Group, a financial services company based in Japan, is considering issuing yen-pegged stablecoins due to the global rise in stablecoin usage.
Summary
- Monex Group is planning to launch a yen-pegged stablecoin, akin to JPYC.
- The firm is also exploring opportunities to enter the European market by acquiring a crypto company.
In an interview with TV Tokyo, Monex Group Chairman Oki Matsumoto revealed that the company is evaluating the feasibility of launching a yen-pegged stablecoin. If developed, this stablecoin would be backed by assets such as Japanese government bonds.
“Establishing a stablecoin requires considerable planning and investment. However, if we don’t take this step, we risk lagging behind. We will take appropriate measures,” Matsumoto commented to the media outlet.
Matsumoto mentioned that the stablecoins would be backed by tangible assets in a 1:1 ratio, aimed at enabling cross-border and corporate transactions. The company intends to grow its operations by utilizing the customer bases of Coincheck and Monex Securities, both associated with Japan’s largest cryptocurrency exchanges.
Recently, the Financial Services Agency granted approval for the first yen-pegged stablecoin from the fintech startup JPYC. This stablecoin, also named JPYC, is expected to be the first officially recognized digital currency directly tied to the local fiat currency.
Moreover, individuals and institutions will have the chance to purchase stablecoins using Japanese yen by registering and promptly receiving the digital asset in their wallets.
In addition, a subsidiary of SBI Holdings, along with Sumitomo Mitsui Banking Corporation, Japan’s second-largest bank, has shared intentions to start discussions regarding stablecoin distribution.
Monex Group Eyes European Acquisition
During the interview, Matsumoto also disclosed that Monex Group is investigating the acquisition of a European cryptocurrency-focused firm. He mentioned that further details would be announced in “the next few days.”
Matsumoto highlighted a strategy that emphasizes global acquisitions, aiming to leverage synergies within the domestic cryptocurrency market to set Monex Group apart from local rivals.
In December 2024, Matsumoto successfully purchased Coincheck Group, a cryptocurrency exchange that has since gone public on the Nasdaq. He voiced his commitment to accelerating acquisition efforts.