Helix brings Japanese Yen on-chain

The tokenized Yen will be backed 1-to-1 by Japanese Yen


Hit1912/Shutterstock modified by Blockworks


A tokenized version of the Japanese Yen will land on-chain today.

Helix, a decentralized exchange on Injective, will launch the Japanese Yen (JPY) forex pair on its platform, making it one of the first exchanges to introduce the Yen onto the blockchain.

The Japanese yen is the fourth most-traded currency in the world, with USD, Euro and Sterling being in the top three.

Chris Choi, the head of product at Helix, told Blockworks that there is currently little to no outlet for acquiring tokenized Yen, which sees billions in trade volume daily. 

Read more: Standardization coming for real-world assets ‘sooner or later’: Q&A with Centrifuge CEO

He notes that this latest integration will enable dapp users on Injective to gain exposure to an on-chain foreign exchange (FX) in a decentralized way. 

“In the global FX landscape, USD, Euro and Yen stand out as the top three currencies in terms of volumes. While USD and Euro have significant representation in the crypto space, the Yen has been underserved,” Choi said. 

The tokenized JPY is made 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, which will be held by a trust for the issuance. 

Helix is not the only team that has been looking at ways to bring Japanese stablecoins on-chain. Earlier last year TOKI, a cross-chain bridge provider, revealed that it had been exploring ways to bring fully collateralized Japanese stablecoins to the Cosmos ecosystem with Noble, a token issuance protocol.

Read More: Japan’s largest banks team up to bring stablecoins to Cosmos

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 has yet to launch mainnet, though it is predicted to occur between Q4 of 2023 and Q1 of 2024.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space


Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?


Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month


It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet


Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend


Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million