On July 1, 2022, Tokyo local time, compliant JPY-based stablecoin JPY World (JPYW) announced officially that it has reached an ecosystem co-construction and cooperation in transactions with the Japanese blockchain game —— Mechaverse. This is also the first officially announced collaboration project of JPYW in trading scenario.
According to the official Twitter of Mechaverse, the two parties will explore and implement various aspects, such as the settlement, payment, liquidity injection, and staking derivatives of JPY-based stablecoin in Mechaverse. Finally, it will achieve the goal of increasing number of users, creating a well-known animation IP image, and making it convenient to enter the Web3.0 metaverse.
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JPYW is a prepaid token launched by PassPay that can be purchased and used on the official website of PassPay at a price of 1 YEN = 1 JPYW. JPYW ensures a 1:1 anchor with the YEN in the form of margin. As a compliant JPY-based stablecoin under the "Revision of Funding Resolution Act", it has become the only blockchain stablecoin that is certified and licensed by the government of Japan. Meanwhile, the company has also finished submitting the application and the deposit for "issuer of prepaid payment method (internal)" to the government.
As the first Japanese mecha blockchain game of Mechaverse Labs, Mechaverse combines high-quality Japanese animation IP and playable blockchain games based on the Web3 operating platform and solution, as well as exploring the value of NFT and constructing the entrance to metaverse of Japanese anime mecha through GameFi"s feature of linking values.
This cooperation is seen as a bridge between the traditional Japanese market and the Crypto world which drives a new flow and value into the crypto world.
Why is JPYW the "only child" of the stablecoin?With the strict filing and review mechanism of "Funding Resolution Act" in Japan, only JPY-based Stablecoin can operate legally after obtaining approval, which also prevents other types of stablecoins from entering the Japanese crypto trading market. As the "only child" of the stablecoin that has been certified by the local government, JPYW began to strive for compliance as early as before the "Funding Resolution Act" was released. The team hired the largest law firm in Japan to form a strong and legal consultant team to plan compliance, apply at the drafting stage of regulations and participate in various inquiries from the Financial Services Agency actively.
In terms of the custody method of collateral, the physical collateral of USDT/USDC are mostly bills and cash of commercial banks, while JPYW is a blockchain stablecoin that is fully collateralized by YEN, and all the collaterals will be handed over to the government. Therefore, the mechanism of exchange and redemption is more sounder, the security of funds is stronger and the risk is lower.
JPYW will bring into full play of stablecoin and start by breaking three barriers:
1. Breaking the barrier between crypto assets and real assets;
2. Breaking the barrier of cross-border transactions and exchanges;
3. Breaking the barrier between crypto assets as the mainstream assets in the future digital society and the insufficient acceptance of reality.
To realize such a vision, PassPay must first expand the use cases of JPYW and enrich financial instruments and product solutions. Therefore, in terms of use cases, PassPay chose to cooperate with Mechaverse (a metaverse platform that also belongs to Japan) and similar Crypto projects. In terms of operation of users, JPYW can be obtained through gift card and purchase on its official website, which will be used after connecting to the Metamask wallet according to the official white paper. A large number of projects, including Mechaverse, are available on Metamask. To be honest, it is easier to achieve operability and compatibility in the early stage of asset access.
PassPay will launch more financial products such as STO derivatives trading, physical NFT trading, and gold tokenized trading soon in the future.
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