JPYC has signed a memorandum of understanding (MOU) with ITCEN, a major Korean IT company, to begin joint research in the stablecoin field.
JPYC develops and operates the Japanese Yen stablecoin “JPYC”, which is issued and circulated on a public blockchain. The company began issuing the prepaid stablecoin “JPYC” in January 2021, and the cumulative amount issued exceeded JPY 2.9 billion in August 2024. Following the amendment to the Payment Services Act in 2023, the company is working on license registration for the fund transfer business and electronic payment instrument trading business to promote the issuance and distribution of the fund transfer business-type stablecoin “JPYC”, which is an electronic payment instrument.
ITCEN, a major Korean IT group, is developing businesses in the Real-World Assets (RWA) field, including token businesses backed by real world assets in Korea. As the lead company in the consortium, ITCEN plans to open the Busan Digital Exchange (BDX), where RWA and security token trading can be conducted, within this year. In addition, ITCEN is expanding its RWA business beyond Korea to the whole of Asia.
In this joint research, the two companies aim to further develop the stablecoin business by combining JPYC’s accumulated know-how in compliance with Japanese laws and regulations and blockchain technology with ITCEN’s RWA business, which is based on transparency and safety. Looking beyond Japanese yen stablecoins to the possibility of stablecoins based on other currencies such as the Korean won, the two companies will work together to explore the creation of a new financial ecosystem.
