Japan’s Financial Services Agency (FSA) is set to greenlight the issuance of yen-backed stablecoins this fall. A first for Japan’s domestic fiat-linked crypto currency market, according to The Nihon Keizai Shimbun.
JPYC, a Tokyo-based fintech company, will register as a money transfer business this month and spearhead the initiative. The JPYC stablecoin will be pegged at a 1:1 ratio with the yen, supported by liquid assets like bank deposits and Japanese government bonds. Users, including individuals and businesses, can acquire the tokens through bank transfers to digital wallets.
This move comes as the global stablecoin market, led by U.S. dollar-pegged coins like Tether’s USDT and Circle’s USDC, exceeds $286 billion. While dollar-based stablecoins are already in use in Japan, JPYC will mark the country’s first yen-denominated stablecoin.
Galaxy’s Mike Novogratz Said Bitcoin Hitting $1M Signals Trouble
Think Bitcoin hitting $1 million next year sounds awesome? Think again. According to Galaxy Digital CEO Mike Novogratz, a price like that would be a bad sign.
“If Bitcoin hits a million bucks, it means the U.S. economy is in a truly terrible place,”
Novogratz told Natalie Brunell on the Coin Stories podcast.
He’d much rather see a stable U.S. economy with a lower Bitcoin price than the opposite.
Novogratz says that when a country’s currency tanks, civil society often suffers. Investors scramble to find a safe place for their money, and many see Bitcoin as a form of digital gold than just crypto. In this scenario, Bitcoin’s rise would be a symptom of economic disaster, not a cause for celebration.
After Monero 51% Attack, Dogecoin Next In Line?
Qubic, an AI focused blockchain recently carried out a 51% attack on Monero is now targeting other cryptocurrencies. Sergey Ivancheglo, Qubic’s mastermind (aka Come-from-Beyond), rallied the community to pick their next target. The options? Dogecoin, Kaspa, or Zcash.
He announced in a Sunday X post that the Qubic community has selected Dogecoin through a recent vote.
Qubic’s Monero takeover was a shocker. They snagged control of the network’s computing power, flexing a hefty 2.32 gigahashes per second, per MiningPoolStats. They even reorganized six blocks after a month-long miner showdown.
The crypto community was taken by surprise when Qubic successfully executed a 51% attack on Monero. This event could have serious implications for other digital asset blockchains that rely on proof-of-work mining.
Now, Dogecoin’s in the hot seat. With a $35 billion market cap, it’s a big fish. Qubic’s vote signals trouble for proof-of-work chains. Are miners’ days numbered?
Kraken wasn’t thrilled, pausing Monero deposits over “network integrity” worries. Trading and withdrawals? Still open. Deposits? Back when it’s “safe,” they say.
