TOKYO, July 4, 2022 /PRNewswire/ — About July 1, 2022, Tokyo Local time, JPY-based Stablecoin JPY World (JPYW) officially announced that it has reached an ecosystem of co-construction and cooperation in transactions with the Japanese blockchain game —— Mechaverse. According to the official Mechaverse Twitter, the two parties will explore and implement various aspects, such as settlement, payment, liquidity injection and staking derivatives of JPY-based Stablecoin in Mechaverse. Finally, it will achieve the goal of increasing the number of users, creating a well-known animation IP image, and facilitating the entry into the Web3.0 metaverse.
JPYW is a prepaid token launched by PassPay which can be purchased and used on the official website of PassPay at the price of 1 yen = 1 JPYW. JPYW provides a 1:1 peg with the YEN as a margin. As a JPY-based stablecoin that complies with the “Revision of Funding Resolution Act”, it has become the only government-certified and authorized blockchain stablecoin in Japan. Meanwhile, the company has also completed submitting the application and filing for “prepaid payment method issuer (internal)” to the government.
As the first Japanese blockchain mecha game from Mechaverse Labs, Mechaverse combines high-quality Japanese anime IP and playable blockchain games based on the Web3 platform and operating solution, as well as the exploration of the value of NFT and the construction of the Japanese anime mecha metaverse entrance through the value binding GameFi feature.
This cooperation is seen as a bridge between the traditional Japanese market and the crypto world, which generates new flow and value in the crypto world.
Why is JPYW the “only child” of the stablecoin?
With the strict filing and review mechanism of the Funding Resolution Act in Japan, only JPY-based Stablecoin can operate legally after gaining approval, which also prevents other types of stablecoins from entering the Japanese crypto trading market. As the “only child” of the stablecoin that was certified by the local government, JPYW began to strive for compliance even before the release of the “Funding Resolution Act”. The team has hired the largest law firm in Japan Form a team of strong and legal consultants to plan for compliance, enforce at the drafting stage of regulations, and actively participate in various Financial Services Agency investigations.
In terms of the method of holding collateral, physical collateral for USDT/USDC is mainly commercial bank bills and cash, while JPYW is a blockchain stablecoin that is fully collateralized by YEN, and all collateral will be remitted to the government. Therefore, the exchange and redemption mechanism is more solidD, the security of the funds is stronger and the risk is lower.
JPYW will fully bring the stablecoin into play and will start by breaking three barriers: 1. Breaking the barrier between crypto assets and real assets; 2. Breaking the barrier of cross-border transactions and exchanges; 3. Breaking down the barrier between crypto assets as the dominant assets in the future digital society and insufficient acceptance of reality.
PassPay will soon launch more financial products such as STO derivatives trading, physical NFT trading and tokenized gold trading.