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First Japanese Yen-backed Stablecoin Went Live on SETTLENET

Dawn Wu

Summary: Crypto Garage, an architect of cryptophical financial instruments based on Bitcoin and blockchain technology, announced on June 9 that the Japanese IT giant Digital Garage’s subsidiary launched the first Japanese Yen-backed stablecoin, JYPS. Crypto Garage hopes to offer overseas crypto companies a more accessible entrance to the Japanese market.

Crypto Garage, an architect of cryptophical financial instruments based on Bitcoin and blockchain technology, announced on June 9 that the Japanese IT giant Digital Garage’s subsidiary launched the first Japanese Yen-backed stablecoin, JYPS. Crypto Garage hopes to offer overseas crypto companies a more accessible entrance to the Japanese market.

The stablecoin went live on SETTLENET, a non-custodial crypto asset application that provides instant settlement atop the Liquid Network. SETTLENET uses the atomic swap, which enables traders to exchange assets without the presence of any third party.

By Dawn Wu

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