Japanese Yen Stablecoin Goes Live on the IOST Blockchain
In a bid to promote the use of Japanese Yen stablecoins as a prepaid means of payment, the Platinum Egg team- IOST Node Partner, and Game Developer announced the issuance of IRC-20 JPYA (JPY Stablecoin) based on the IOST blockchain. The JPYA stablecoin is pegged 1:1 to the Japanese Yen and can be purchased with Japanese Yen, BTC, ETH, and IOST.
This follows a long-term partnership between IOST and the Platinum Egg team- a seasoned blockchain game & service developer in Japan who is best known for their popular CrossLink game which gains over 170,000 downloads and their IOST-based NFT platform TokenLink.
JPYA is the second stablecoin issued on IOST this year, following the successful integration of HUSD. For developers who are looking to find a user-friendly, secure, and gas-efficient blockchain to develop their dApps, IOST is a straightforward choice. It is developer-friendly to launch stablecoins as well as dApps on IOST thanks to the use of the Javascript smart contracts which are easy to learn and have few functional limitations. Developers are also able to consistently develop in JavaScript using the provided SDK and modify after deployment. Compared to other blockchains with the high cost of gas consumed as an energy source, IOST is practically free, making it an optimal option for transactions with small amounts.
The JPYA Stablecoin Use Case
Bitcoin, Ethereum, and other blockchain-based payment methods have been on the rise since around 2010, but their prices have fluctuated greatly and their use as a payment method has not been a reality. In addition, several stablecoins have started to be created in Japan, but they have yet to become popular. JPYA is a stablecoin that can be used as a means of prepaid payment, and is based on IOST, which is fast and virtually free of gas. It aims to popularize the use of JPYA as a stablecoin that can be easily used for small-amount payments.
Features of JPYA, a Japanese Yen-linked Stablecoin
- Can be purchased by anyone.
- Can be purchased in Japanese yen, BTC, ETH, and IOST (Japanese yen only at the time of release; BTC, ETH, and IOST purchases will be added in due course)
Anyone can purchase JPYA from JPYA official site, and JPYA will be available for various services operated by Platinum Egg including TOKENLINK in the future.
Jimmy Zhong, Co-Founder and CEO of IOST comments:
“With a major uptick and a continually growing interest in IOST from the Japanese market, launching a Japanese yen stablecoin optimized for fast and cheap transactions is a crucial step in ensuring that we continue to cater for this vibrant and important market. This is also in line with one of key goals for 2021, which is to drive user growth in our ecosystem.
Whilst the IOST team aims to continue playing a crucial part in the growth of blockchain and crypto in the Asia market, the team has also set its sights on expanding their global footprint and has some ambitous global expansion plans for 2021 and beyond.”
Nariya Takemura, Founder and CEO of Platinum Egg comments:
“JPYA is a Japanese Yen-linked stablecoin (IRC20) that anyone can purchase and treat as a means of prepaid payment, which was created as a result of discussions with experts based on various precedent cases. We plan to create an ecosystem created by JPYA, including our popular CrossLink game which has over 170,000 downloads, TokenLink- an NFT market linked to CrossLink, and other products that we develop and operate ourselves or with other companies.
In the future, we will contribute to the development of the blockchain industry in Japan by developing and providing technologies such as smart contracts that can be used by JPYA.”
About Platinum Egg
Platinum Egg was founded and started its game development business in 2002. We started the development of blockchain-related services in 2017 and have been operating NFT Market TokenLink since 2021. With the issuance of JPYA, we aim to further activate blockchain-based payment methods and transactions of goods in Japan.
About IOST
IOST is the 29th compliant coin in the Japanese market, approved by the Financial Services Agency (FSA), the Trading platforms supervision Alliance in Japan, and is the 14th coin listed on Japan’s most compliant exchange CoinCheck.
IOST has proven a solid and massive development track record in Japan. The coin was voted as the most popular potential coin on Huobi Japan, outperforming ENJ, NEO, ONT, QTUM and XTZ. For potential developers in Japan, it is noteworthy that the IOST Japan team is regularly hosting a Free Developer Course on a biweekly basis as a boost for the education and sustainable development of blockchain.
Backed by major financial and VC firms such as Sequoia, Matrix, and ZhenFund, IOST is a pioneering decentralized, high-throughput, gas-efficient Proof-of-Believability-powered smart contract platform built to tackle the scalability trilemma once and for all. For this, the concluding ranking from China’s CCID ranked IOST as the best blockchain platform under Basic Technology, better than Ethereum, EOS, and every other smart-contracting platform evaluated by the agency. This is a testament to the quality and ability to roll out a better, innovative product and reflective of our true desire to be the best in the sphere.
Being one of the public chain leaders in terms of adoption, performance, and utility, IOST remains committed to our mission to unleash the power of blockchain. IOST currently has the ever-expanding 500,000 community members in over 20 countries, over 400 nodes, a top staking economy, symbiotic relationships with corporations dotted worldwide.
If you would like to hang out with the IOST community on chat, social media, or to discuss product development, we have something for everyone:
- International English Telegram Group
- IOST Announcement Channel
- IOST Official Twitter
- IOST CEO Jimmy Zhong Twitter
- Slack Developer Community
- Uptrennd
- Facebook Page
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