Summary
Helix, a decentralized exchange on Injective, will launch a tokenized version of the Japanese Yen (JPY) on its platform. This will allow users to gain exposure to on-chain foreign exchange in a decentralized way. The tokenized JPY will be backed 1-to-1 by the Japanese Yen. This move aims to provide a solution for acquiring tokenized Yen, which currently has little to no outlet despite high trade volume. Other projects, such as TOKI, have also been exploring ways to bring Japanese stablecoins on-chain.
Key Points
1. Helix, a decentralized exchange on Injective, will launch the Japanese Yen (JPY) forex pair on its platform, introducing the Yen onto the blockchain.
2. The Japanese yen is the fourth most traded currency in the world, following USD, Euro, and Sterling.
3. The tokenized JPY will be backed 1-to-1 by the Japanese Yen and will allow dapp users on Injective to gain exposure to an on-chain foreign exchange (FX) in a decentralized manner.