Japanese nail salon chain Convano plans to partner with crypto exchanges to issue a stablecoin pegged to the Japanese yen.

PANews reported on August 27th that, according to CoinDesk, Japanese nail salon chain Convano Inc. announced the launch of its yen-pegged stablecoin planning and development business, currently focusing on building the platform and network, with the goal of becoming the issuer in the future. This business aims to establish the stablecoin's underlying system, but due to restrictions in Japan's funds settlement law, issuers are limited to banks and other institutions. To this end, the company is initially collaborating with money transfer providers to build a "transfer and settlement network," with the long-term goal of obtaining its own license by the end of December 2027 to meet legal requirements. To develop the platform, the company will collaborate with cryptocurrency exchange FINX JCrypto, using Japanese government bonds and other assets as backing assets to ensure 1:1 redemption and establish a compliance system. The business is scheduled to launch on September 1, 2025, with an initial investment of 50 million yen. The company currently holds approximately 365 bitcoins, with a total purchase price of approximately 6.4 billion yen.