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2 clusters · 6 sources · 21 days · First seen · Last updated

DeltaForesight JPY-pegged stablecoin development

Overview

DeltaForesight secured 324 million yen in funding, led by Coral Capital, to develop the ‘JPY DeFi’ protocol. The project aims to connect global on-chain liquidity to the yen-denominated economy by allowing users to borrow ‘JPYdf’—a crypto-asset stablecoin designed to target value parity with the Japanese yen—using various crypto assets as collateral.

Following the funding round, the JPY DeFi protocol officially launched on the Ethereum mainnet. The protocol utilizes an over-collateralization mechanism governed by smart contracts, allowing users to borrow JPYdf using collateral such as wstETH and USDC. The developer noted that while the protocol seeks to link global crypto-assets to yen-denominated trading, it does not guarantee value stability, yen redemption, or principal protection. Access to the protocol’s front-end is restricted, excluding residents of Japan, the United States, and other specified regions.

Entities

DeltaForesight · JPYdf · Coral Capital · JPY DeFi · Ethereum

Timeline

  1. [TECHNOLOGY] 4 sources
    JPY DeFi launches Yen-pegged stablecoin protocol on Ethereum

    JPY DeFi has launched on the Ethereum mainnet, enabling users to borrow the Yen-pegged stablecoin JPYdf using wstETH and USDC as collateral.

  2. [BUSINESS] 4 sources
    DeltaForesight raises 324 million yen for JPY-pegged stablecoin development

    DeltaForesight has raised over 324 million yen to develop JPY DeFi, a protocol enabling the borrowing of the JPYdf stablecoin using crypto assets as collateral.

Sources

ascii.jp · coindeskjapan.com · neweconomy.jp · prtimes.jp · tokenpost.com · web3wire.org