Blockchain
Expansion of Japanese Metaverse Assets: Compliant JPY-based Stablecoin JPYW and Japanese blockchain game Mechaverse reached an official cooperation
On July 1, 2022, Tokyo local time, compliant JPY-based Stablecoin JPY World (JPYW) announced officially that it has reached an ecosystem co-construction and cooperation in transactions with the Japanese blockchain game —— Mechaverse. According to the official Twitter of Mechaverse, the two parties will explore and implement various aspects, such as the settlement, payment, liquidity injection, and staking derivatives of JPY-based Stablecoin in Mechaverse. Finally, it will achieve the goal of increasing number of users, creating a well-known animation IP image, and making it convenient to enter the Web3.0 metaverse.
JPYW is a prepaid token launched by PassPay that can be purchased and used on the official website of PassPay at a price of 1 YEN = 1 JPYW. JPYW ensures a 1:1 anchor with the YEN in the form of margin. As a compliant JPY-based stablecoin under the “Revision of Funding Resolution Act”, it has become the only blockchain stablecoin that is certified and licensed by the government of Japan. Meanwhile, the company has also finished submitting the application and the deposit for “issuer of prepaid payment method (internal)” to the government.
As the first Japanese mecha blockchain game of Mechaverse Labs, Mechaverse combines high-quality Japanese animation IP and playable blockchain games based on the Web3 operating platform and solution, as well as exploring the value of NFT and constructing the entrance to metaverse of Japanese anime mecha through GameFi’s feature of linking values.
This cooperation is seen as a bridge between the traditional Japanese market and the Crypto world which drives a new flow and value into the crypto world.
Why is JPYW the “only child” of the stablecoin?
With the strict filing and review mechanism of “Funding Resolution Act” in Japan, only JPY-based Stablecoin can operate legally after obtaining approval, which also prevents other types of stablecoins from entering the Japanese crypto trading market. As the “only child” of the stablecoin that has been certified by the local government, JPYW began to strive for compliance as early as before the “Funding Resolution Act” was released. The team hired the largest law firm in Japan to form a strong and legal consultant team to plan compliance, apply at the drafting stage of regulations and participate in various inquiries from the Financial Services Agency actively.
In terms of the custody method of collateral, the physical collateral of USDT/USDC are mostly bills and cash of commercial banks, while JPYW is a blockchain stablecoin that is fully collateralized by YEN, and all the collaterals will be handed over to the government. Therefore, the mechanism of exchange and redemption is more sound, the security of funds is stronger and the risk is lower.
JPYW will bring into full play of stablecoin and 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 the barrier between crypto assets as the mainstream assets in the future digital society and the insufficient acceptance of reality.
To realize such a vision, PassPay must first expand the use cases of JPYW and enrich financial instruments and product solutions. Therefore, in terms of use cases, PassPay chose to cooperate with Mechaverse(a metaverse platform that also belongs to Japan) and similar Crypto projects. In terms of operation of users, JPYW can be obtained through gift card and purchase on its official website, which will be used after connecting to the Metamask wallet according to the official white paper. A large number of projects, including Mechaverse, are available on Metamask. It is easier to achieve operability and compatibility in the early stage of asset access.
PassPay will launch more financial products such as STO derivatives trading, physical NFT trading, and gold tokenized trading soon in the future.
Blockchain
Bybit P2P Enhances Trading Flexibility and Empowers Merchants with Open API
Bybit P2P Enhances Trading Flexibility and Empowers Merchants with Open API
Blockchain
Alpha Sigma Capital Research Unveils 2025 Crypto Market Predictions: AI Agents, Staking ETFs, and Decentralized Infrastructure Lead the Way
Blockchain
Bybit P2P Celebrates 3rd Anniversary with Landmark Achievements and Exclusive Rewards
Bybit
-
Blockchain Press Releases5 days ago
Markets Show Resilience Ahead of End-of-Year Options Expirations: Bybit x Block Scholes Crypto Derivatives Report
-
Blockchain Press Releases4 days ago
Bybit Web3 Wallet Integrates Tonstakers: The First of Its TON Staking Offerings to Expand DeFi Opportunities
-
Blockchain5 days ago
B2B Payments Industry to Generate Revenues Exceeding $2.1 Trillion by 2032 – Global and Country-Level Analysis by Payment Type, Payment Mode, Enterprise Size, and Industry Vertical
-
Blockchain Press Releases6 days ago
BC.GAME Launches Monkey King-Themed Slot Game Wukong
-
Blockchain Press Releases5 days ago
Nodepay Raises $7M Total Funding To Power AI Growth with Real-Time Data Infrastructure
-
Blockchain Press Releases6 days ago
WSPN Appoints Former EY Global Chief Innovation Officer Jeff Wong as Independent Director
-
Blockchain6 days ago
India Electronic Contract Services Market to Worth Over US$ 624.33 Million By 2033 | eSignature Demand Among Financial Institutes to Remain High Says Astute Analytica
-
Blockchain4 days ago
Bybit Kazakhstan’s Exclusive Event Marks a New Crypto Frontier