Today in crypto, Japan’s FSA is set to approve JPYC as the country’s first yen-pegged stablecoin, Galaxy’s Mike Novogratz warns that a $1 million Bitcoin price in 2026 would not be a positive sign for the economy. Meanwhile, Kraken pauses d…
Today in crypto, Japan’s FSA is set to approve JPYC as the country’s first yen-pegged stablecoin, Galaxy’s Mike Novogratz warns that a $1 million Bitcoin price in 2026 would not be a positive sign for the economy. Meanwhile, Kraken pauses deposits for Monero.
Japan to approve first yen-backed stablecoins this fall
Japan’s Financial Services Agency (FSA) is preparing to approve the issuance of yen-denominated stablecoins as early as this fall, marking the first time the country will allow a domestic fiat-pegged digital currency.
Tokyo-based fintech firm JPYC will register as a money transfer business within the month and will lead the rollout, Japanese news outlet The Nihon Keizai Shimbun reported on Sunday.
JPYC is designed to maintain a fixed value of 1 JPY = 1 yen, backed by highly liquid assets such as bank deposits and Japanese government bonds. After purchase applications from individuals or corporations, the tokens are issued via bank transfer to digital wallets.
The approval comes as the global stablecoin market, dominated by dollar-pegged assets like USDt (USDT) and Circle’s USDC (USDC), has expanded to more than $286 billion. While US dollar stablecoins already have a foothold in Japan, this will be the country’s first yen-based offering.
$1M Bitcoin in 2026 would signal trouble: Galaxy's Mike Novogratz
Galaxy Digital CEO Mike Novogratz says a million-dollar Bitcoin next year wouldn’t be a victory but rather a sign that the US economy is in serious trouble.
“People who cheer for the million-dollar Bitcoin price next year, I was like, Guys, it only gets there if we’re in such a shitty place domestically,” Novogratz told Natalie Brunell on the Coin Stories podcast on Wednesday.
“I’d rather have a lower Bitcoin price in a more stable United States than the opposite,” Novogratz said, explaining that severe currency devaluations often come at the expense of civil society.
When a national currency falls, investors often seek alternative safe havens to protect their wealth, and Bitcoin is frequently referred to as digital gold.
Kraken temporarily halts Monero (XMR) deposits after 51% takeover
Kraken, a crypto exchange, announced the temporary suspension of Monero (XMR) deposits on Friday, following a 51% attack on the network by a single mining pool.
Qubic, an AI layer-1 blockchain, said that it achieved dominance over the Monero network on Monday by commanding a majority of the network’s hashrate, the total amount of computing power dedicated to securing a blockchain network. Kraken wrote:
“As a security precaution, we have paused Monero deposits after detecting that a single mining pool has gained more than 50% of the network’s total hashing power. This concentration of mining power poses a potential risk to network integrity.”
The 51% attack sent shockwaves through the Monero community, sparking an online debate about network incentives and security.
