A Japanese yen-backed stablecoin has been approved for test usage and licensing by the Japanese Financial Services Agency (FSA), in Japan’s so-called “sandbox” legal regime. Only cryptoasset exchanges possessing a Japanese Virtual Currency Exchange License will have access to the stablecoin product.

The stablecoin is the work of Japanese fintech firm Crypto Garage, a subsidiary of tech company Digital Garage, Inc, who today issued a press release on the project.

In launching their stablecoin offering, Crypto Garage are partnered with Blockstream to offer a yen-bitcoin trading pair. This joint product is called SETTLENET, defined by Crypto Garage as “A suite of products to enhance application development on the ‘Liquid Network.’

Credit: Crypto Compare