JPYC CEO bets on bank disruptions to drive stablecoin demand after GMO Aozora API halts

The chief executive of JPYC, the issuer of the Japanese yen stablecoin, Noritaka Okabe, forecasted an explosion in demand for the company’s flagship product as more people seek alternatives to the growing issue of banks going dark in the country. Okabe took to X today to promote his company’s yen stablecoin after service outages caused by GMO Aozora Net Bank having to take its bank API offline on two separate occasions within 12 hours. Notably, the bank API disruption’s ripple effect reached JPYC’s own yen stablecoin, causing a temporary freeze on redemption rails and crypto exchanges including Binance Japan. Okabe: More bank disruptions, more JPYC demand JPYC CEO Norikata Okabe directly responded to the service outages that affected GMO Aozora Net Bank to make the case for the yen stablecoin…

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