Japan’s JPYC launches country’s first yen-denominated stablecoin

The Block

Japanese fintech firm JPYC Inc. said it has launched the country's first legally recognized yen-denominated stablecoin, JPYC. Trading began on Monday, local time.

JPYC Inc. said in a press release that it starts issuing the JPYC token on Monday alongside launching its dedicated issuance and redemption platform, JPYC EX. The company registered as a fund transfer service provider with Japan's Financial Services Agency in August.

The JPYC stablecoin is designed to maintain a 1:1 peg to the Japanese yen and operates on blockchains including Avalanche, Ethereum, and Polygon. The company backs all issued JPYC with 100% reserves held in yen deposits and government bonds, following regulations under Japan's Payment Services Act.

The company said that users can acquire JPYC through the JPYC EX platform after completing identity verification via the My Number card, which is Japan's identity document issued to citizens and residents.

The stablecoin issuer has set an ambitious target of 10 trillion yen ($65.4 billion) in circulation within three years, and it aims to expand supported blockchains and collaborations with businesses. For comparison, USDT — the world's largest stablecoin — currently has a circulating supply of about $183.2 billion.

Several Japanese businesses have announced plans to incorporate JPYC into their services, the company said. Fintech software firm Densan System is developing payment systems for retail stores and e-commerce platforms incorporating the JPYC stablecoin, while Asteria plans to add JPYC functionality to its enterprise data integration software used by over 10,000 companies. Crypto wallet HashPort also intends to support JPYC transactions.

The JPYC launch comes as Japan bolsters oversight of its emerging stablecoin sector. In June 2023, the country revised its stablecoin regulations, requiring service providers to register under the Funds Settlement Act and the Banking Act in order to issue or manage the circulation of stablecoins.

Several major Japanese financial institutions have begun exploring stablecoin issuance. For example, SMBC has announced plans in April to launch its own stablecoin with Ava Labs and Fireblocks, according to Nikkei.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

Risk Warnings and Disclaimers

You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.

Add to Favorites

Crypto Market Live: Bitcoin (BTC) Poised for Major Volatility as Price Targets $120,000 This Week

Coinpedia

The crypto market kicked off the week with a surge in volatility, setting the stage for potential breakout moves across major digital assets. Bitcoin price remains the center of attention as it consolidates near the $110,000 mark, hinting at a possible push toward $120,000 amid renewed investor optimism and strong inflows. Ethereum price continues to trail behind but shows signs of recovery as on-chain activity and staking demand gradually increase.

Meanwhile, altcoins such as Binance Coin , Solana , and XRP are experiencing mixed momentum, with traders closely monitoring capital rotation among the top 10 tokens. Cardano , Dogecoin , and Toncoin are displaying choppy price movements as market sentiment fluctuates between risk-on and profit-taking phases. Polygon (MATIC) and Avalanche also remain range-bound but could benefit from renewed DeFi and layer-2 interest if Bitcoin sustains its dominance.

With total crypto market capitalisation hovering above the trillion threshold and volatility indexes rising, analysts expect a decisive move soon. As global liquidity trends, ETF inflows, and macroeconomic cues from the U.S. drive sentiment, this week could determine whether Bitcoin and its peers enter another leg of the bull cycle—or face a sharp correction before the next big rally.

A Huge Week Ahead: Key Macro Events to Drive Market Volatility

The coming days are shaping up to be one of the most eventful weeks for global markets, and the crypto space is no exception. The Federal Reserve’s Interest Rate Decision (FOMC) on Wednesday will be the week’s biggest catalyst, with investors closely watching whether the Fed maintains its current stance or signals a policy shift. Any hint of rate cuts or dovish commentary could spark a sharp rally across risk assets, including Bitcoin and top altcoins, as liquidity expectations improve.

Immediately following the FOMC decision, Fed Chair Jerome Powell’s press conference is expected to inject further volatility. Markets will dissect every statement for clues about the Fed’s inflation outlook and potential monetary easing timelines, key factors that could determine whether Bitcoin breaks above its $120,000 resistance zone or faces renewed pressure.

Adding to the drama, Thursday’s meeting between President Donald Trump and President Xi Jinping could have major implications for global trade and economic stability. A positive tone may fuel market optimism, while renewed tensions could push investors back toward safe-haven assets like Bitcoin and gold.

With these pivotal events lined up, analysts warn that volatility could surge across all major asset classes—making this a make-or-break week for the crypto market’s short-term trajectory.

Market Outlook: Will Bitcoin Lead the Next Breakout or Face a Sharp Pullback?

As global markets gear up for a wave of crucial economic events, the crypto market stands at a pivotal juncture. Bitcoin’s current consolidation above the $110,000 level has kept investors hopeful for a breakout toward $120,000—but the next move will likely depend on how markets react to this week’s macro triggers.

If the Federal Reserve signals a dovish stance or hints at future rate cuts, liquidity could pour back into risk assets. Such a scenario would likely fuel a strong upward move in Bitcoin, potentially propelling altcoins like Ethereum , Solana , and Binance Coin to new short-term highs. Historically, periods of easing monetary policy have acted as a tailwind for digital assets, and traders are watching for a similar setup this week.

On the flip side, a hawkish Fed tone or unexpected tension between the U.S. and China could trigger a risk-off reaction, leading to sharp intraday corrections. Bitcoin could retest its $105,000 support zone, while top altcoins may experience steeper declines amid profit-taking and reduced market liquidity.

Overall, this week’s combination of macro decisions and geopolitical developments is likely to set the tone for the rest of the quarter. Whether the market chooses breakout or breakdown, one thing is certain—volatility is coming, and traders should be prepared for fast-moving price swings across the entire crypto spectrum.

Risk Warnings and Disclaimers

Add to Favorites

Ethereum Moves Higher — Buyers Strengthen Grip Amid Renewed Market Optimism

NewsBTC

Ethereum price started a recovery wave above $4,000. ETH is moving higher but faces a couple of key hurdles near $4,220 and $4,250.

Ethereum started a fresh recovery above $4,000 and $4,120.
The price is trading above $4,120 and the 100-hourly Simple Moving Average.
There is a bullish trend line forming with support at $4,050 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up if it trades above $4,220.

Ethereum Price Eyes Steady Gains

Ethereum price started a minor recovery wave above the $3,880 zone, like Bitcoin. ETH price surpassed the $4,000 and $4,050 levels to enter a short-term positive zone.

The price even spiked above $4,220. A high was formed at $4,225 and the price is now consolidating gains. The price is stable above the 23.6% Fib retracement level of the recent increase from the $3,708 swing low to the $4,225 high.

Ethereum price is now trading above $4,150 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $4,050 on the hourly chart of ETH/USD.

On the upside, the price could face resistance near the $4,220 level. The next key resistance is near the $4,250 level. The first major resistance is near the $4,320 level. A clear move above the $4,320 resistance might send the price toward the $4,450 resistance. An upside break above the $4,450 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,500 resistance zone or even $4,550 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $4,220 resistance, it could start a fresh decline. Initial support on the downside is near the $4,150 level. The first major support sits near the $4,120 zone.

A clear move below the $4,120 support might push the price toward the $4,050 support. Any more losses might send the price toward the $4,000 region in the near term. The next key support sits at $3,880.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $4,120

Major Resistance Level – $4,220

Risk Warnings and Disclaimers

Add to Favorites

Mt. Gox’s security flaws costed millions. Could AI have spotted them?

Cointelegraph

Former Mt. Gox CEO Mark Karpelès probably wishes he had access to today’s artificial intelligence when he bought Mt. Gox from its founder, Jed McCaleb, in 2011.

That’s because Karpelès has just fed an early version of Mt. Gox’s codebase into Anthropic’s Claude AI. What he got back was an analysis that broke down the key vulnerabilities that led to the defunct exchange’s first major hack, while labelling it “critically insecure.”

In a Sunday X post, Karpelès said he uploaded Mt. Gox’s 2011 codebase to Claude, alongside various data, including GitHub history, access logs and data “dumps released by” the hacker.

The analysis from Claude AI said Mt. Gox’s 2011 codebase represented a “feature-rich but critically insecure Bitcoin exchange.”

“The developer (Jed McCaleb) demonstrated strong software engineering capabilities in terms of architecture and feature implementation, creating a sophisticated trading platform in just 3 months,” the analysis reads, adding, however, that:

“The codebase contained multiple critical security vulnerabilities that were targeted in the June 2011 hack. Security improvements made between ownership transfer and the attack partially mitigated the impact.”

Karpelès took over the reins of the Japan-based Mt. Gox in March 2011 after buying the exchange from founder and developer Jed McCaleb. The exchange then suffered a hack around three months later that saw 2,000 Bitcoin (BTC) drained from the platform.

“I didn’t get to look at the code before taking over; it was dumped on me as soon as the contract was signed (I know better now, due diligence goes a long way),” added in a comment on his X post.

Claude AI’s post-mortem of Mt. Gox

According to Claude AI, the key vulnerabilities consisted of a mixture of code flaws, a lack of internal documentation, weak admin and user passwords and retained account access of prior admins after new ownership handover.

The hack was sparked by a major data breach after Karpelès’ WordPress blog account and some of his social media accounts were compromised.

“Contributing factors included: the insecure original platform, undocumented WordPress installation, retained admin access for ‘audits’ after ownership transfer, and a weak password for a critical admin account,” the analysis reads.

The analysis also outlined that some changes pre- and post-hack “mitigated some attack vectors,” preventing the attack from being a lot worse than it could have been.

Such changes included an update to a salted hashing algorithm to provide greater password protection, fixing an SQL injection hacking code in the main application, and implementing “proper locking around withdrawals.”

“The salted hashing prevented mass compromise and forced individual brute forcing, but no hashing algorithm can protect weak passwords. The withdrawal locking prevented the more severe outcome of tens of thousands of BTC being drained via the $0.01 withdrawal limit exploit,” the analysis reads, adding:

“This codebase was targeted in a sophisticated attack in June 2011. Security improvements had been made in the 3 months since ownership transfer, which affected the attack outcome. This incident demonstrates both the severity of the original codebase's vulnerabilities and the partial effectiveness of remediation efforts.”

While the analysis suggests AI could have helped shore up specific coding flaws, the core of the breach was the result of poor internal processes, weak passwords, and a critical lack of network segmentation that let a blog breach threaten the entire exchange.

Unfortunately, AI cannot prevent human error.

Mt. Gox still impacts the market a decade later

Despite being defunct for over a decade, Mt. Gox has continued to have an impact on the market over the past couple of years, as large sums of Bitcoin (BTC) have been repaid to creditors, resulting in significant potential selling pressure on the market, though this hasn’t happened as many have feared.

Ahead of the Oct. 31 repayment deadline later this month, the exchange holds around 34,689 BTC.

Risk Warnings and Disclaimers

Add to Favorites

Ripple’s XRP ETF Misses Another Deadline: Are They Facing Rejection?

Coinpedia

The approval of XRP exchange-traded funds (ETFs) in the U.S. has been delayed. The SEC paused reviews because of a government shutdown. This has pushed back filings from firms such as Grayscale, Bitwise, WisdomTree, Franklin Templeton, 21Shares, CoinShares, and Canary Capital. The pause is only temporary. It does not mean the ETFs were rejected.

Institutional Moves

As explained by an expert, large funds have not pulled back. Instead, they adjusted their plans. Some used futures and other instruments to keep exposure to XRP. Many had set aside funds for XRP ETFs this quarter and are now waiting for new timelines.

Surveys show most institutions still want to invest in XRP once ETFs are approved. Analysts expect approval later this year, with a high chance it happens before December.

Custody and Payments

Ripple’s new stablecoin, RLUSD, is now backed by BNY Mellon. This setup links the token directly to future ETF systems. It allows faster settlements and could help improve XRP’s use in global payments.

Ripple is also working with major banks like State Street on money market tokenization. These projects use ISO 20022, the global banking message standard, which fits well with XRP’s network.

Market Response

Even without an ETF, trading activity around XRP remains strong. CME XRP futures show billions in open interest, suggesting steady institutional demand.

In Europe, XRP ETPs already trade under the MiCA framework. These products give global investors exposure while the U.S. approval process continues.

New Ways to Access XRP

Institutions are finding other ways to include XRP in their portfolios. Some use structured notes and swaps that track XRP’s price. Others are testing XRP for cross-border payments and as a form of collateral.

Ripple’s goal is to make XRP part of regular financial infrastructure. This includes liquidity for banks, faster settlements, and lower costs.

Regulation and Timing

The SEC and CFTC are now working more closely on digital asset rules. Global regulators are also updating standards to support digital finance. This could help speed up ETF approvals.

In Japan, SBI Holdings has already filed for a Bitcoin–XRP ETF, showing confidence in XRP’s legal clarity.

Experts predict that once approved, XRP ETFs could attract $5–8 billion in the first month and reach up to $18 billion by year-end.

Conclusion

The delay shows how the market is maturing. XRP is no longer seen only as a speculative token. It is becoming a key asset in payment systems and liquidity networks.

When U.S. ETFs launch, they will connect XRP directly to traditional finance. The delay, while frustrating, may help ensure a smoother, stronger launch later this year.

Risk Warnings and Disclaimers

Add to Favorites

Sharplink Gaming Adds $80M in Ethereum to Strategic Reserve After Month-Long Lull

CryptoNews

Sharplink Gaming worth about $80.37m to its strategic reserve on Monday, ending a month of quiet accumulation and signaling renewed conviction in the asset.

The purchase lifts the company’s to 859,400 Ether valued at roughly $3.6b, placing it second among disclosed corporate treasuries behind BitMine, which holds about 3.24m Ether worth $13.5b.

ACY Securities said that the fresh buy fits Sharplink’s prior accumulation pattern and looks like positioning ahead of potential Ether ETF inflows or easier macro conditions. The firm added that if the timing aligns with liquidity cycles, the move could amount to smart front running.Ethereum Faces Headwinds From Trump Tariff Threats as Markets Turn Cautious

The build comes as Ether faces pressure from macro headlines. Investors have been weighing President Donald Trump’s plan to impose tariffs of up to 155% on Chinese goods starting Nov. 1, a risk that has fed risk aversion across markets.

Ether was last up 7.1% on the day, but is up only 1.1% in the previous two weeks.

Sharplink Gaming () has added another 19,271 , worth $80.37M, to its Strategic reserve.They now hold 859,395 , worth $3.58B.Address: 0x5e3b62e38808fc9582c23bc05e8a19a091d979c9Data — Onchain Lens (@OnchainLens)

Even so, some funds are using weakness to add exposure. Sharplink has been one of the recent buyers, with BitMine also active, as investors prepare for a steadier backdrop later in the quarter.Seasonal Weakness Looms as Ether Enters Historically Soft Fourth Quarter

Seasonal trends remain a watchpoint. CoinGlass data shows the fourth quarter has historically been Ether’s second weakest period on average, a pattern traders say could still influence positioning.

Sharplink’s balance sheet moves follow a capital raise earlier this month. The company secured $76.5m through a registered direct equity offering priced at $17 per share, a 12% premium to its Oct. 15 close of $15.15.

The deal, placed with an institutional investor for 4.5m common shares, was one of the few recent equity raises in the digital asset treasury space completed at both market and net asset value premium.Sharplink Secures $400M in Deals to Strengthen Growth and Treasury Plans

In August, Sharplink entered securities purchase agreements totaling $400m with five institutional investors, bolstering its capacity to pursue treasury and growth initiatives.

Taken together, the fresh Ether allocation, recent equity financing, and earlier commitments suggest Sharplink is leaning into a strategy that blends treasury diversification with tactical market timing.

Investors will now watch whether ETF inflows or a calmer macro backdrop validate the bet.

Risk Warnings and Disclaimers

Add to Favorites

Buterin and Yakovenko Clash Over Ethereum Layer-2 Security

Beincrypto

Ethereum co-founder Vitalik Buterin and Solana co-founder Anatoly Yakovenko have presented conflicting views on the security of Ethereum’s layer-2 networks.

This has sparked debate within the crypto industry over whether L2 solutions truly inherit robust security from Ethereum’s base layer.

Buterin Defends L2 Security Model

Buterin emphasizes that Ethereum layer-2 solutions maintain strong security against 51% attacks. They inherit finality guarantees from the base layer. In a recent post on X, he stated: “A key property of a blockchain is that even a 51% attack cannot make an invalid block valid. This means even 51% of validators colluding (or hit by a software bug) cannot steal your assets.”

However, Buterin acknowledged limitations when validator sets are trusted beyond chain-controlled functions.

“This property does not carry over if you start trusting your validator set to do other things, that the chain does not have control over,” he added. “At that point, 51% of validators can collude and give a wrong answer, and you don’t have any recourse.”

Major L2 networks, including Arbitrum, Base, Optimism, and Worldchain, collectively hold over $35 billion in locked value. They rely on Ethereum’s security architecture. The Ethereum validator set currently exceeds one million active participants, significantly outnumbering Solana’s approximately 2,000 validators. Proponents argue this bolsters resistance to coordinated attacks.

Yakovenko Questions L2 Security Assumptions

Yakovenko directly challenged Buterin’s assertions.

The Solana co-founder questioned whether technical limitations prevent L2s from achieving desired security properties.

“Yes there is something fundamental about L2s that makes it difficult to actually achieve the desired security. That’s why it hasn’t happened in 5 years. Or are you suggesting that all the L2 teams are lazy or dumb?” Yakovenko wrote.

He identifies three primary concerns with current L2 implementations. First, L2 networks expose vast attack surfaces with complex code bases, which prove difficult to audit comprehensively. Second, multi-signature custody arrangements allow funds to be moved without user consent. This occurs if signers collude or face compromise. Third, off-chain processing mechanisms centralize control, contradicting blockchain’s core decentralization principles.

Yakovenko has proposed developing a specialized bridge that positions Ethereum as a layer-2 for Solana. This aims to facilitate seamless asset transfers between ecosystems while addressing security concerns.

Proliferation Raises Ecosystem Concerns

The Ethereum layer-2 landscape has expanded significantly. L2Beat reports 129 verified networks alongside 29 additional unverified ones. This proliferation has generated debate over whether it fosters innovation or creates inefficiencies.

CoinGecko data shows that in the first half of 2025, Ethereum declined 25.0% while Solana dropped 19.1%. However, Solana outperformed Ethereum by 26.2% in January before both assets faced broader market pressure.

This reflects shifting market sentiment. Industry observers note that as layer-2 networks evolve, initiatives like data availability sampling and shared sequencing aim to mitigate centralization risks. The debate underscores ongoing challenges in balancing security with scalability.

Risk Warnings and Disclaimers

Add to Favorites