Japanese financial services company Monex Group is mulling over whether to issue yen-pegged stablecoins amidst the wave of stablecoin adoption sweeping the globe.
Summary
- Monex Group is considering launching a yen-pegged stablecoin, following in JPYC’s footsteps.
- The financial services company is also eyeing an expansion into Europe by acquiring a crypto company.
In an interview with TV Tokyo, Monex Group Chairman Oki Matsumoto said that the financial services company is considering launching a yen-pegged stablecoin. If the firm decides to issue yen-backed tokens, it would be backed by assets such as Japanese government bonds.
“Issuing a stablecoin requires significant scheming and capital, but if we don’t handle it, we won’t be able to keep up with the times. We will respond appropriately,” said Matsumoto in his statement to the media outlet.
According to Matsumoto, the stablecoins will be backed by real assets on a 1:1 ratio and is meant to facilitate cross-border and corporate payments. The company aims to expand its business by utilizing the customer bases of Coincheck and Monex Securities, two of its owned operators linked to Japan’s largest cryptocurrency exchanges.
Earlier this month, the Financial Services Agency approved the first yen-pegged stablecoin issued by fintech startup JPYC. The stablecoin, also named JPYC, is expected to make its roll-out the first official digital currency tied directly to the local fiat.
Moreover, the firm would allow for individuals and institutions to purchase stablecoins using Japanese yen by registering and immediately receiving the asset on their digital wallets.
In addition, a subsidiary of SBI Holdings and the second-largest Japanese bank Sumitomo Mitsui Banking Corporation also announced they would begin joint discussions on the distribution of stablecoins.
Monex Group eyes European acquisition
During the interview, Monex Group Chairman Oki Matsumoto also revealed that the company is also considering the possibility of acquiring a European crypto-focused company. He stated that the firm will reveal more details through an announcement sometime in “the next few days.”
According to Matsumoto, his strategy involves making global acquisitions and then leveraging synergies in the domestic cryptocurrency business, aiming to differentiate Monex Group from domestic competitors.
In December 2024, Matsumoto acquired Coincheck Group, a cryptocurrency exchange, which became a publicly-listed company on the Nasdaq market. He stated that he would accelerate his acquisition efforts.