Compliant JPY-based stablecoin JPY World (JPYW) announced on July 1st a strategic partnership with the Japanese blockchain game – Mechaverse.
On the official Twitter account of Mechaverse, they shared some information about how the two parties will explore various solutions such as liquidity injection, payments, and staking derivatives of JPYW stablecoin in the Mechaverse.
JPY World (JPYW)
Launched by Passpay, JPYW is a prepaid token that you can buy at the price of 1 YEN. That’s 1 YEN = 1 JPYW. The stablecoin is compliant with the “Revision of Funding Resolution Act” – making it the only stablecoin that is licensed and certified by the Japanese government. The company has also applied for the “issuer of prepaid payment method(internal)” to the Government of Japan.
Mechaverse is the first-ever mecha blockchain game of Mechaverse Labs. The game combines playable games and high-quality Japanese anime IP on one Web3 platform. Mechaverse also explores the value of NFTs and introduces Japanese anime mecha to the world of NFTs and GameFi.
The collaboration will enable the traditional Japanese market to be aware of the new world of blockchain and crypto. They expect a lot of new users in the Mechaverse.
JPYW – The “Only Child” of Stablecoin?
Only JPY-based stablecoins can operate in the Japanese crypto trading market, according to the “Funding Resolution Act”. It also prevents other types of stablecoins from legally entering the market. JPYW began striving for compliance even before the “Funding Resolution Act” was released. The largest law firm in Japan was hired to plan for compliance.
JPYW is fully correlated with the Japanese Yen – all the collateral is handed over to the government.
This will break the following barriers:
- the barrier between real assets and crypto assets
- the barrier to cross-border transactions and exchanges
- the barrier that crypto assets are mainstream assets in the digital world.
You can buy JPYW on the Passpay official website. The stablecoin can also be obtained through various gift cards.