JPYC CEO sees stronger demand for yen stablecoins as bank outages increase

JPYC CEO Noritaka Okabe expects demand for JPYC to grow as banking service disruptions increase, The Block reported. The remarks came after Japan’s GMO Aozora Net Bank suspended some bank API services following the detection of abnormal communications. GMO Internet Group, the bank’s parent company, also faced a large-scale cybersecurity incident last month involving unauthorized server access and monetary demands. JPYC is a regulation-compliant stablecoin pegged to the Japanese yen, and the issuer registered with Japanese authorities as a funds transfer service provider in October last year.