Japan is the first country to establish a regulatory framework for stablecoins. However, until now, it seems to have played a passive role in this technology, with its national currency, the yen, lacking a blockchain-based representation. This situation may soon change.
After years of silent infrastructure development, Japan is preparing to launch its first fully collateralized yen-backed stablecoin later this year.
Takashi Tezuka, the Japan Country Manager of Web3 infrastructure provider Startale Group, told Cointelegraph that the gap between Japan and the United States regarding stablecoins reflects deeper philosophical differences.
"The GENIUS Act received a mixed response of relief and curiosity," Tezuka said, referring to the latest stablecoin legislation in the U.S.
"Relief because the U.S. has finally caught up to what Japan did two years ago—establishing a comprehensive legal framework for stablecoins," he added.
This week's Crypto Biz explored Japan's stablecoin ambitions, the growing role of institutions in digital assets, and increasing concerns over cryptocurrency treasury leverage.
Tokyo-based financial services company Monex Group is considering launching a stablecoin pegged to the yen—an initiative the company says could enhance international remittances and corporate settlements denominated in yen.
"Issuing stablecoins requires a lot of infrastructure and capital, but if we don't address them, we will be left behind," Monex Group Chairman Oki Matsumoto told local media.
While the company has not fully committed to issuing, Matsumoto stated that Monex "will respond appropriately" to this emerging market opportunity.
Monex will not be the first company to explore yen-backed stablecoins. Local fintech company JPYC is reportedly preparing to launch the country's first yen stablecoin this fall, backed one-to-one by bank deposits and government bonds.
Wall Street giant JPMorgan plans to commit up to $500 million to Numerai, a crypto-friendly hedge fund known for generating returns using artificial intelligence and crowdsourced models.
Numerai stated that the funds will be deployed next year, nearly doubling its assets under management, which currently stand at about $450 million.
The fund achieved over 25% net returns last year by merging crowdsourcing, AI, cryptocurrency, and other quant-driven strategies.
Following the announcement, Numerai's native cryptocurrency, Numeraire (NMR), surged over 120%, with the last trading price above $120.
For JPMorgan, this deal marks another full-circle moment for a bank that once harshly criticized digital assets but has steadily expanded into the space—including partnerships with Coinbase to facilitate cryptocurrency purchases and ongoing considerations for crypto-backed loans.
Recently transformed from biotechnology, Ethereum (ETH) treasury company ETHZilla has approved a $250 million share buyback plan less than a month after making significant Ethereum acquisitions.
The board authorized the buyback of up to $250 million worth of outstanding common stock. ETHZilla currently has 165.4 million shares outstanding.
The company recently utilized its balance sheet to acquire over 102,000 ETH at an average price slightly below $3,950. While it spent about $403 million on the purchases, these holdings are now valued at approximately $489 million.
"ETH treasury companies have risks, such as over-leveraging," Komodo Platform CTO Kadan Stadelmann told Cointelegraph.
Stadelmann warned that over-leveraged positions could trigger forced liquidations in a bear market, potentially exacerbating ETH's volatility.
Healthcare company KindlyMD plans to significantly expand its Bitcoin (BTC) acquisition strategy, announcing a large $5 billion market equity issuance to fund general corporate purchases—including large-scale Bitcoin acquisitions.
The company kicked off its Bitcoin strategy earlier this month with a $679 million purchase, following a merger with Nakamoto, a digital asset company founded by former cryptocurrency advisor to U.S. President Donald Trump, David Bailey. KindlyMD has set an ambitious goal of acquiring 1 million BTC.
According to industry data, its August purchases have propelled KindlyMD to 16th place in the corporate Bitcoin treasury rankings, ahead of Semler Scientific, ProCap, GameStop, and Cango.
The company's latest equity plan will be executed through multiple agents, including Cantor and TD Securities, with shares sold at current market prices on the exchange.
Although KindlyMD's stock fell due to this news, it has still risen over 300% since the company first announced its Bitcoin strategy in May.
Related: August Ethereum DEX trading volume hits record high | Bonk.fun becomes USD1 official Launchpad
Original article: “Crypto Biz: Japan's Quiet Stablecoin Coup”
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