JPY DeFi launches Yen-pegged stablecoin protocol on Ethereum

The DeFi protocol JPY DeFi has officially launched on the Ethereum mainnet. Developed by DeltaForesight, the protocol allows users to borrow JPYdf, a crypto-asset stablecoin aimed at pegging to the Japanese Yen, by using collateral such as wstETH and USDC.

JPYdf is issued through an over-collateralization mechanism governed by smart contracts. While the protocol aims to link global crypto-assets and USD-denominated assets to Yen-denominated borrowing and trading, the company notes that value stability, Yen redemption, and principal protection are not guaranteed. The market price may deviate from 1 Yen.

Access to the protocol's front-end, provided by JPYdf Foundation DAO LLC, is restricted; residents of Japan, the United States, and other specified regions are excluded from using the interface. DeltaForesight previously secured 324 million yen in funding, led by Coral Capital, to support the development and security of this ecosystem.