Right now in crypto, Japan’s FSA is about to approve JPYC because the nation’s first yen-pegged stablecoin, Galaxy’s Mike Novogratz warns {that a} $1 million Bitcoin worth in 2026 wouldn’t be a optimistic signal for the economic system. In the meantime, Kraken pauses deposits for Monero.
Japan to approve first yen-backed stablecoins this fall
Japan’s Monetary Companies Company (FSA) is getting ready to approve the issuance of yen-denominated stablecoins as early as this fall, marking the primary time the nation will enable a home fiat-pegged digital foreign money.
Tokyo-based fintech agency JPYC will register as a cash switch enterprise inside the month and can lead the rollout, Japanese information outlet The Nihon Keizai Shimbun reported on Sunday.
JPYC is designed to take care of a hard and fast worth of 1 JPY = 1 yen, backed by extremely liquid belongings resembling financial institution deposits and Japanese authorities bonds. After buy functions from people or companies, the tokens are issued by way of financial institution switch to digital wallets.
The approval comes as the worldwide stablecoin market, dominated by dollar-pegged belongings like USDt (USDT) and Circle’s USDC (USDC), has expanded to greater than $286 billion. Whereas US greenback stablecoins have already got a foothold in Japan, this would be the nation’s first yen-based providing.
$1M Bitcoin in 2026 would sign hassle: Galaxy’s Mike Novogratz
Galaxy Digital CEO Mike Novogratz says a million-dollar Bitcoin subsequent yr wouldn’t be a victory however fairly an indication that the US economic system is in deep trouble.
“Individuals who cheer for the million-dollar Bitcoin worth subsequent yr, I used to be like, Guys, it solely will get there if we’re in such a shitty place domestically,” Novogratz advised Natalie Brunell on the Coin Tales podcast on Wednesday.
“I’d fairly have a decrease Bitcoin worth in a extra secure United States than the other,” Novogratz mentioned, explaining that extreme foreign money devaluations typically come on the expense of civil society.
When a nationwide foreign money falls, buyers typically search various protected havens to guard their wealth, and Bitcoin is often known as digital gold.
Kraken quickly halts Monero (XMR) deposits after 51% takeover
Kraken, a crypto change, introduced the short-term suspension of Monero (XMR) deposits on Friday, following a 51% assault on the community by a single mining pool.
Qubic, an AI layer-1 blockchain, mentioned that it achieved dominance over the Monero community on Monday by commanding a majority of the community’s hashrate, the full quantity of computing energy devoted to securing a blockchain community. Kraken wrote:
“As a safety precaution, now we have paused Monero deposits after detecting {that a} single mining pool has gained greater than 50% of the community’s whole hashing energy. This focus of mining energy poses a possible threat to community integrity.”
The 51% assault despatched shockwaves by means of the Monero neighborhood, sparking a web based debate about community incentives and safety.
