The Japanese brokerage group Monex is exploring the launch of a yen-pegged stablecoin and accelerating its overseas acquisition plans in the crypto space, indicating its goal to enhance its presence in global digital finance.
Monex Chairman Oki Matsumoto informed TV Tokyo that creating a stablecoin necessitates considerable infrastructure and capital.
Yen-Pegged Stablecoin Under Consideration
Matsumoto pointed out that this move is becoming essential as global financial markets swiftly embrace digital currencies, asserting, “Without addressing stablecoins, we cannot stay competitive globally.”
Established in Tokyo in 1999, Monex Group has evolved into a global online securities firm and fintech platform, having notably diversifying into digital assets through the acquisition of Coincheck and investments in Web3 innovations.
The proposed yen-denominated stablecoin would reportedly be backed by Japanese government bonds and could facilitate cross-border remittances, corporate transactions, and retail payments. To enhance adoption, Monex plans to utilize its existing platforms, such as Coincheck and Monex Securities.
Growing Regulatory Momentum in Japan and Abroad
Monex’s interest coincides with a surge in regulatory and industry activity surrounding stablecoins. In July, the US Congress enacted the “Genius Act,” which grants dollar-pegged stablecoins legal status as currency, seen as a key step toward stability and legitimacy in the sector, promoting broader acceptance among banks and payment providers.
Japan is also rapidly advancing in this area. Earlier this month, the Financial Services Agency (FSA) granted approval to startup JPYC, marking it as the country’s first licensed stablecoin issuer. Concurrently, SBI Holdings announced a partnership with Sumitomo Mitsui Banking Corp. to investigate stablecoin distribution. These actions highlight Japan’s commitment to establishing a regulatory framework that fosters innovation while protecting investors.
Alongside stablecoins, Monex is intensifying its endeavors for overseas acquisitions. Matsumoto revealed that the company is in the final stages of negotiations to acquire a European blockchain-related firm, with an announcement anticipated shortly. This follows Monex’s decision to list Coincheck Group on Nasdaq last December, which Matsumoto referred to as the beginning of a global expansion plan.
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