Key Takeaways
- Chairman Oki Matsumoto said that the company is weighing the launch of a stablecoin tied to the Japanese yen.
- Matsumoto also hinted that Monex is nearing the acquisition of a European crypto firm
Monex Group, a leading Japanese financial services firm listed on the Tokyo Stock Exchange, is preparing to step into the stablecoin arena.
Chairman Oki Matsumoto revealed in a recent local media interview that the company is weighing the launch of a stablecoin tied to the Japanese yen.
While no formal timeline was disclosed, Matsumoto acknowledged that entering the stablecoin market would require considerable financial and technical investment. Still, he emphasised that delaying such efforts could risk falling behind industry trends, particularly as regulatory clarity in Japan improves.
“Issuing stablecoins requires significant infrastructure and capital, but if we don’t handle them, we’ll be left behind,” Masumoto said
The yen-pegged stablecoin, if launched, would reportedly be backed by assets such as Japanese government securities. Such an approach could also align with forthcoming guidance from Japan’s Financial Services Agency (FSA), which is expected to approve the country’s first stablecoin later this year.
Monex appears set to leverage its existing digital infrastructure, including Coincheck, the crypto exchange it acquired in 2018, along with its traditional brokerage arm, Monex Securities. These entities could serve as distribution and compliance hubs for the stablecoin, integrating both digital asset and traditional financial services under one umbrella.
Matsumoto also hinted that Monex is nearing the acquisition of a European crypto company. Final negotiations are reportedly underway, with an official announcement expected in the coming days.
Stablecoins are becoming increasingly popular in Japan. Earlier this year, Circle launched its USD Coin (USDC) stablecoin in the country after one of its local partners received regulatory approval to list the US dollar-pegged stablecoin. However, Japan hasn’t always been receptive towards stablecoin. Till 2023, the Financial Services Agency (FSA) of Japan had placed a ban on the distribution of foreign-issued stablecoins.
