JPYC debuts Japan's first regulated yen-pegged stablecoin
Tokyo-based fintech JPYC Inc. launched JPYC, a yen-pegged stablecoin, and opened issuance and redemption on its JPYC EX platform. The token is intended to maintain a 1:1 exchange rate with the yen and is backed by reserves held in bank deposits and Japanese government bonds.
Users can obtain JPYC on JPYC EX after identity verification with a My Number card. They can fund accounts by bank transfer, receive JPYC to a registered wallet address, and redeem the token back to yen.
JPYC operates on the Avalanche, Ethereum and Polygon blockchains and registered as a fund transfer service provider with Japan’s Financial Services Agency in August and is issuing the token under the Payment Services Act.
JPYC operates on the Avalanche, Ethereum and Polygon blockchains and registered as a fund transfer service provider with Japan’s Financial Services Agency in August and is issuing the token under the Payment Services Act.
The company targets up to 10 trillion yen (about $65.4 billion) in circulation within three years and plans to expand to more networks and business integrations. Seven companies have shown interest in using JPYC in their services.
Densan System is building retail and e-commerce payments using JPYC, Asteria plans to add JPYC to its enterprise data integration software, and wallet provider HashPort intends to enable JPYC transactions.
Because JPYC settles on public blockchains, payments can clear within minutes without traditional card networks. This could let Japanese retailers cut card fees, automate loyalty rewards with smart contracts, and accept microtransactions impractical in yen today.
At this moment, Dollar-pegged tokens dominate the global stablecoin market. Tether’s USDT has about $183.2 billion in circulating supply. USDC became available in Japan on March 26. JPYC introduces a domestically issued, yen-denominated option under Japan’s current framework.
As GNCrypto wrote previously, Japan’s three biggest banks, Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho, plan to jointly issue stablecoins, starting with a yen-pegged token.
Densan System is building retail and e-commerce payments using JPYC, Asteria plans to add JPYC to its enterprise data integration software, and wallet provider HashPort intends to enable JPYC transactions.
Because JPYC settles on public blockchains, payments can clear within minutes without traditional card networks. This could let Japanese retailers cut card fees, automate loyalty rewards with smart contracts, and accept microtransactions impractical in yen today.
At this moment, Dollar-pegged tokens dominate the global stablecoin market. Tether’s USDT has about $183.2 billion in circulating supply. USDC became available in Japan on March 26. JPYC introduces a domestically issued, yen-denominated option under Japan’s current framework.
As GNCrypto wrote previously, Japan’s three biggest banks, Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho, plan to jointly issue stablecoins, starting with a yen-pegged token.
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