Circle to launch stablecoin pegged to the Japanese yen

One of the operators of the USDC stablecoin, Circle, announced the launch of a stablecoin pegged to the Japanese yen through its venture arm Circle Ventures. As part of expanding its presence in Asia, the company will also open an office in Singapore, Bloomberg reports.

In an interview with CEO Circle, Circle’s chief executive Jeremy Allaire forecast active deployment of stablecoins in borrowing and lending markets. He believes the driver of such a shift will be investors’ desire to shield funds from inflation.

\”Many seek to hedge such risks through direct purchases of bitcoin, but for asset managers and chief financial officers, including stablecoins in the portfolio is more attractive.\”, he said.

That is how Allaire commented on Circle Yield, the company’s crypto-savings product.

In Singapore, the firm intends to obtain a license from the local regulator. Circle is working with the Monetary Authority of Singapore on a project to deploy USDC for large enterprises in the city-state.

Overall, the company is prepared to support teams developing projects using stablecoins, including for payments and DeFi protocols.

Circle backed the Biden administration’s plan to regulate stablecoin issuers as banking institutions.

In August, Jeremy Allaire said that Circle would become \”a commercial cryptocurrency bank with full reserves\”.

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