#Japan #Tokyo #JPYC #Digital Platformer #Tochika

Collaboration for Financial Innovation

Digital Platformer Inc., led by CEO Kazutaka Matsuda, and JPYC Inc., under CEO Noritaka Okabe, have announced a joint initiative to develop a collaborative model that integrates Japan's first Yen-denominated stablecoin, JPYC, with the deposit token "Tochika" issued by Hokugin Bank starting April 2024. This partnership aims to enhance operational synergies between stablecoins and local financial institutions.

Purpose of the Initiative

The main goal of this collaboration is to merge the reliable deposit and remittance infrastructure of regional banks with new financial frameworks based on blockchain technology. The intention behind this effort is to optimize and digitalize regional economies by leveraging advanced financial tools.

Background of the Companies

Digital Platformer has previously partnered with local governments and banks to establish several blockchain infrastructures, including regional currencies and digital coupons. The flagship project is the technological support for “Tochika,” Japan's first deposit token, which aims to enable local banks to issue their own stablecoins effectively by 2024.

Meanwhile, JPYC has initiated the issuance of a Yen-denominated stablecoin, attracting inquiries from various local financial institutions regarding JPYC's connections to issuance, redemption, and settlement infrastructures.

As part of this collaboration, both companies plan to address several challenges related to the effective implementation of JPYC in local financial ecosystems, including:

• - Developing a model for local financial institutions to manage JPYC issuance and redemption.
• - Optimizing transaction fees and payment schemes when shops adopt JPYC payment systems.
• - Establishing seamless integration between JPYC and Yen deposits managed by local financial institutions.
• - Exploring the potential for efficiency improvements in domestic and international remittances, alongside the development of new services using JPYC.

The collective aim is to provide tailored solutions that aid the utilization of stablecoins in local areas, fostering new revenue opportunities for regional banks and driving the digital transformation of local economies.

Future Vision

Reflecting on existing applications such as Hokugin Bank's Tochika, the joint study aims to extend JPYC's utility for regional payments and international remittances. JPYC also plans to launch a stablecoin exchange, facilitating the exchange between various digital payment methods and local tokens, which will create a highly dynamic digital money circulation framework.

Ultimately, the partnership hopes to significantly reduce foreign exchange costs and remittance times, paving the way for a more convenient financial service delivery environment for users.

Understanding Tochika

Tochika, a collaborative creation by Hokugin Bank and Digital Platformer, represents Japan's first deposit token. Users can register their bank accounts through the Tochika app to open a Tochika account, enabling them to charge from their registered accounts at an exceptional conversion rate of 1 Tochika = 1 Yen, with low payment transaction fees of just 0.5% (tax included) for merchants.
For further details, visit the service site: Tochika.

Features of JPYC Stablecoin

The JPYC stablecoin, operating under the Funds Settlement Act, offers a wide array of benefits:

• - It is redeemable 1:1 with Yen (issuance and redemption).
• - Enables instant transfers and receipt of funds while maintaining Yen-denominated value.
• - Low-cost and high-speed on-chain remittances powered by blockchain technology.
• - Backed by assets exceeding 100% of the issuance balance in Yen (savings accounts and government bonds).

Beyond smart contracts, JPYC presents numerous utilization opportunities, including potential for salary and reward payments, cash withdrawals via ATMs, and varied future applications as a cornerstone of upcoming financial infrastructures. More information can be found here.

About the Companies

JPYC Inc. has been engaged in the stablecoin sector since 2021, after receiving regulatory registration as a fund transfer service provider. They are leading the market with the issuance of JPYC, embodying a central role in the domestic and international stablecoin business while promoting efficiency and innovation in digital finance.

• - Company Name: JPYC Inc.
• - CEO: Noritaka Okabe

Digital Platformer Inc. has established itself as a pioneer of blockchain technology in Japan since its inception in 2020. They focus on issuing digital regional promotion tokens and decentralized ID (DID) platforms, anticipating the launch of “Tochika” in partnership with Hokugin Bank in 2024. Since 2023, they have also commenced the development of a consortium-based blockchain platform to address diverse needs from local governments and businesses.

• - Company Name: Digital Platformer Inc.
• - CEO: Kazutaka Matsuda
• - Location: 5F, Nippon Television Yotsuya Building, 5-3-23, Kurokawacho, Chiyoda, Tokyo
• - Established: April 2020
• - URL: Digital Platformer