Simplex Announces Stablecoin Issuance and Redemption System "Simplex Stablecoin"
Simplex has launched its stablecoin issuance and redemption system "Simplex Stablecoin."
Stablecoins are payment instruments that possess the characteristics of cryptocurrencies—enabling instant and low-cost transfers—while maintaining stability by pegging their value to fiat currencies. With the amendment of the Payment Services Act in June 2023, which defined stablecoins as electronic payment instruments, expectations are growing for their potential applications.
Internationally, legislative frameworks are advancing toward full-scale adoption, with the U.S. seeing progress on the STABLE Act and GENIUS Act proposals. Major banks are considering joint stablecoin issuance, and domestically, the use of USD-pegged stablecoin USDC for electronic payments has begun. Simplex has been developing transaction systems for the Japanese yen-pegged stablecoin JPYC issued by JPYC Corporation since 2024.
The newly announced "Simplex Stablecoin" includes functions for stablecoin issuance and redemption, as well as features for account opening including KYC and integration with Japanese yen deposit/withdrawal systems. Currently designed for fund transfer business-type stablecoins (Type 1 electronic payment instruments), it is planned to sequentially support deposit-type (tokenized deposits) and trust-type (Type 3 electronic payment instruments) stablecoins, making it applicable to various businesses utilizing stablecoins. By seamlessly integrating with Simplex's web3 integrated solution "Simplex Fourth," it provides end-to-end services from business wallet setup to contract operations, enabling rapid establishment of comprehensive stablecoin transaction infrastructure.
Through this solution, Simplex aims to contribute to the expansion of the stablecoin market in Japan.
Key Features of Simplex Stablecoin
- Comprehensive backend operations support for issuance and redemption (including collateral asset management)
- Integration with proven external solutions for KYC/AML and other compliance requirements
- Multi-currency and multi-chain asset handling capabilities
- Flexible integration options allowing combination of existing services and third-party wallets to create optimal user experiences tailored to specific use cases (Simplex systems can also be utilized)
- Adaptable solution design enabling application to flexible business requirements and service designs, including user-facing channels
About Simplex
Since its founding in 1997, Simplex has operated as a technology partner for Japan's leading financial institutions, including megabanks and major securities firms. Currently, leveraging the extensive expertise cultivated in the financial sector, the company is expanding solutions beyond finance. In March 2019, AI company Deep Percept Inc., and in April 2021, comprehensive consulting firm Xspear Consulting Inc. joined the group, forming a unified team with Simplex, which has been committed to creating added value since its founding, to support digital transformation (DX) initiatives for public institutions, financial institutions, and industry-leading companies.
