IOST Blockchain Now Has A Japanese Yen Pegged Stablecoin

Platinum Egg, Node Partner for IOST and game developer, has announced a Japanese Yen-pegged stablecoin, IRC-20 JPYA, based on the IOST blockchain. The JPYA stablecoin is pegged 1:1 to the Yen and can be purchased with IOST, BTC, ETH, and Yen. 

The stablecoin is the result of a long-term partnership between Platinum Egg and IOST. Platinum is best known for CrossLink, a game with over 170,000 downloads, and TokenLink, an IOST-based NFT marketplace.

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. 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.

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. 

IOST A Straightforward Choice For Developers

Following the successful integration of HUSD, JYPA is the second stablecoin issued on IOST this year. IOST is the blockchain of choice for developers looking for a user-friendly, secure, and gas-efficient platform for dApps. 

Javascript smart contracts on IOST are easy to learn with few functional limitations making it developer-friendly to launch stablecoins and dApps. The provided SDK helps them continue developing consistently in Javascript and modify after deployment too.

Other blockchains have a high cost of gas consumed as an energy source, but IOST is practically free. This, in turn, makes IOST a cheaper and optimum option for transactions with small amounts.

JPYA Stablecoin A Faster, Cost-Effective Payment Method

Blockchain-based payments are on the rise with cryptos like Bitcoin and Ethereum, but their prices fluctuate, leaving users in a lurch. Their use as a payment method has not materialized into reality either. Japan has seen a rise in stablecoin creation, but they’re not yet popular. 

JPYA changes things for its users as it can be used as a prepaid payment method while being fast and virtually free of gas, thanks to being based on IOST. JPYA is on its way to being famous as a stablecoin used for small payments. 

JPYA can be purchased by anyone in Japanese Yen currently and will add purchases with BTC, ETH, and IOST soon. The stablecoin can be purchased directly from the JPYA official site. It will be used for the various services offered by Platinum Egg in the future, including TokenLink. 

IOST And JPYA Aimed At Global Expansion

Jimmy Zhong, Co-Founder and CEO of IOST claims that the interest in IOST in the Japanese market is on the rise. IOST aims to spearhead the growth of blockchain and crypto in the Asia market and aim at global expansion at the same time. Zhong states,

“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 noted that the JPYA was created to be a means of prepaid payment. The future of JPYA is to contribute to the development of the blockchain industry in Japan by developing innovative solutions like smart contracts that JPYA can use. He further adds,

“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.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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