JPYC and ITCEN are keen on bringing to the fore a reality where stablecoins can be used to facilitate faster, more secure, and efficient transactions across international borders.
JPYC, the issuer of a stablecoin pegged to the Japanese yen, has partnered with ITCEN, a major IT company from South Korea. The partnership, announced earlier today, will see the team carry out a joint research that is aimed at exploring stablecoins.
According to a report by CoinDesk Japan, a particular point of interest for both companies is how stablecoins can be integrated with real-world assets (RWAs). So, while JPYC brings its expertise in blockchain technology and regulatory compliance, ITCEN also comes with its wealth of experience in managing RWAs.
Together, both firms are seeking not only to strengthen digital financial systems but also to innovate in the cross-border payments sector. That is, in a way that’s worthy of emulation.
JPYC and ITCEN are keen on bringing to the fore a reality where stablecoins can be used to facilitate faster, more secure, and more efficient transactions across international borders. By capitalizing on their individual strengths, the firms want to push the boundaries of digital payments and open up new possibilities for the future of finance.
JPYC and ITCEN to Lead a New Financial Ecosystem
According to the memorandum of understanding (MOU) they signed, JPYC and ITCEN will collaborate on a range of research initiatives that are aimed at developing its stablecoin business and building a new financial ecosystem.
It might be worth mentioning that JPYC’s yen-backed “JPYC” stablecoin is already operational on a public blockchain. However, the company still seeks to improve its utility in real-world applications. Due to this fact, JPYC is currently focused on developing the stablecoin.
To this end, the joint research with ITCEN will look beyond the Japanese yen and explore the possibility of launching stablecoins backed by other currencies such as the Korean won.
Seeing how stablecoins serve as a connection between digital currencies and real-world economic activities, this research could prove to be a major achievement. That is, in the sense that it potentially is a major win for users in Japan, South Korea, and other regions, who might want to send and receive money using stablecoins pegged to their local currencies.
Away from the stablecoins, the ultimate expectations are that the research project would help to boost the overall financial ecosystem. It will achieve this by creating a framework that plugs the said stablecoins into real-world assets.
If this happens, then it is expected that there will also be more widespread adoption of digital currencies in everyday life. People would now have new ways to interact with money, invest, and make payments.
Focus on Regulatory Compliance and Expansion
The latest reports also confirm that JPYC is currently working on obtaining key licenses for money transfer and electronic payment services as well. In line with this, the company aims to launch a new stablecoin that will function as a digital payment instrument.
If the regulatory approvals come, the reach of JPYC in the growing stablecoin market would, without a doubt, explode.
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