[DigitalToday reporter Chi-gyu Hwang (황치규)] The Japan Blockchain Foundation plans to issue EJPY, a yen-pegged stablecoin, on Japan Open Chain, an Ethereum-compatible layer 1 blockchain, and on Ethereum.
The token is designed as a trust-based yen stablecoin for uses including business-to-business payments, digital asset payments, remittances and payments for Web3 services, The Block recently reported.
The Japan Blockchain Foundation will act as the consignor for EJPY. It is currently in talks with trustee candidates, and specific terms such as the timing of issuance have not been set. It is targeting the start of issuance within the year.
EJPY is being introduced to expand transactions driven by real demand on Japan Open Chain. The Japan Blockchain Foundation also plans to review EJPY's multichain compatibility in the future.
Japan Open Chain is operated by a consortium of Japanese companies, and the Japan Blockchain Foundation leads the consortium. There are 14 validators, including Dentsu, NTT Communications and SBINFT.
Chi-gyu Hwang
delight@d-today.co.kr