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According to Blockworks, a tokenized version of the Japanese Yen (JPY) is set to launch on Helix, a decentralized exchange on Injective. This move makes Helix one of the first exchanges to introduce the Yen onto the blockchain. The Japanese Yen is the fourth most-traded currency globally, following the USD, Euro, and Sterling.

Chris Choi, the head of product at Helix, stated that there is currently little to no outlet for acquiring tokenized Yen, which sees billions in trade volume daily. This latest integration will enable dapp users on Injective to gain exposure to an on-chain foreign exchange (FX) in a decentralized way. Choi noted that while the USD and Euro have significant representation in the crypto space, the Yen has been underserved.

The tokenized JPY is created in collaboration with decentralized exchange Cables Finance, which has been working on integrating traditional finance currencies onto the blockchain. Each tokenized Yen will be backed 1-to-1 by the Japanese Yen, held by a trust for the issuance.

Helix is not the only team exploring ways to bring Japanese stablecoins on-chain. Last year, TOKI, a cross-chain bridge provider, revealed its plans to bring fully collateralized Japanese stablecoins to the Cosmos ecosystem with Noble, a token issuance protocol. The project was backed by Mitsubishi UFJ Trust and Banking (MUFG), one of the largest Japanese banks, and received support from over 200 Japanese companies, including SMBC and Mizuho. The project's mainnet launch is predicted to occur between Q4 of 2023 and Q1 of 2024.