Japan’s Monex Group eyes yen stablecoin and European crypto expansion

Tokyo-based Monex Group is weighing plans to issue a yen-pegged stablecoin, alongside potential expansion in Europe through new ￰0￱ developments come as Japan prepares to allow the circulation of domestic fiat-backed digital currencies for the first ￰1￱ Group, which is publicly traded and operates securities and crypto services in Japan, is considering a stablecoin backed by government bonds and redeemable 1:1 with ￰2￱ company also revealed it is in final negotiations to acquire European crypto-related firms, which would expand its overseas footprint following Coincheck Group’s Nasdaq listing late last year. Yen-backed stablecoin plans gain ground According to a report by TV Tokyo , Monex Group Chairman Oki Matsumoto confirmed that the firm is exploring the infrastructure and resources required to launch a stablecoin in ￰3￱ project would leverage Monex’s existing assets, including Coincheck, its local crypto exchange, and Monex Securities, to roll out the ￰4￱ introduced, the stablecoin would be pegged to the yen, backed by assets such as Japanese government bonds, and redeemable on a one-to-one ￰5￱ applications are expected to include international remittances and corporate settlements, positioning Monex in line with growing digital currency use in global ￰6￱ acquisitions under negotiation Alongside stablecoin efforts, Monex is finalising talks to acquire crypto-related companies in ￰7￱ announcement is expected within days, marking another step in its overseas ￰8￱ comes less than a year after Coincheck Group, the parent of Coincheck, made its public debut on the Nasdaq exchange in the ￰9￱ move highlights Monex’s ambition to secure a stronger position in Western markets, with the combination of stablecoin issuance and European acquisitions signalling a broader strategy for ￰10￱ shift in Japan’s stablecoin market Monex’s exploration of a yen-pegged stablecoin follows broader regulatory changes in ￰11￱ country’s Financial Services Agency (FSA) is expected to approve yen-denominated stablecoins as early as this ￰12￱ follows the March approval of Circle’s USD Coin (USDC) for use in ￰13￱ move was supported by SBI’s crypto subsidiary, which enabled USDC integration just as regulatory adjustments for stablecoins began to take ￰14￱ had previously banned foreign stablecoins, but the ban was lifted in ￰15￱ February 2024, the FSA approved a working group report recommending policy revisions to ease regulations on stablecoins, opening the door for domestic and international issuers to operate under clearer ￰16￱ competition builds The potential launch of a Monex stablecoin would add competition to an expanding market in ￰17￱ is already operational, while other issuers are likely to follow as the FSA completes its review ￰18￱ backing its coin with Japanese government bonds and using its established platforms, Monex aims to create an asset that can integrate smoothly into both retail and corporate financial ￰19￱ timing of Monex’s announcement, combined with regulatory progress and European expansion plans, indicates that Japan is accelerating its role in the global stablecoin industry.