The dollar/yen pair is trading around 159.42, approaching the psychologically significant 160 level that has historically triggered Japanese market interventions. Dollar-pegged stablecoins are only stable relative to the dollar, exposing Japanese businesses settling invoices in USD-pegged tokens to significant FX risk. Japan has developed its own solutions with JPYC, the first FSA-compliant stablecoin launched in October 2025, and JPYSC, a trust-type yen stablecoin launched by SBI Group in 2026. AZ-COM Maruwa Holdings invested one billion yen in JPYC in July 2026. BIS research has identified a correlation between USD-pegged stablecoin flows and exchange-rate volatility, particularly in emerging markets.
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