Helix brings Japanese Yen on-chain

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

article-image

Hit1912/Shutterstock modified by Blockworks

share

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.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (11).png

Research

Union’s technical design brings measured improvements to crosschain interoperability. By combining a consensus-verified hub with novel constructs like state lenses and ZK proofs for client updates, Union achieves an interoperability protocol that is highly performant, trust-minimized, and scalable.

article-image

The US regulator will use Nasdaq’s system to detect manipulation across derivatives and prediction markets

by Blockworks /
article-image

SOL and HYPE have rebounded, dYdX course corrects (again)

article-image

Over 100 crypto firms and advocates urge Congress to shield open-source builders and non-custodial providers

by Blockworks /
article-image

The probabilities app is finding mainstream success

article-image

A stock by any other name — even “token” — is still a security

article-image

“Diverse opportunities emerge alongside macroeconomic tailwinds,” zondacrypto CEO says