Japan’s fintech pioneer JPYC Inc. has officially launched the country’s first legally recognized yen-denominated stablecoin, marking a major step forward for digital finance in Japan. Trading for the new token, known as JPYC, began on Monday, alongside the rollout of the company’s dedicated issuance and redemption platform, JPYC EX.
JPYC株式会社
JPYC Inc., which secured registration as a fund transfer service provider with Japan’s Financial Services Agency (FSA) in August, said the token is fully compliant with the nation’s revised stablecoin regulations. The JPYC stablecoin is pegged 1:1 to the Japanese yen and operates across multiple blockchains, including Ethereum, Avalanche, and Polygon.
To ensure transparency and stability, the company confirmed that every JPYC token is backed by 100% reserves in yen deposits and Japanese government bonds—fully adhering to Japan’s Payment Services Act. Users can purchase JPYC via the JPYC EX platform after completing identity verification using their My Number card, Japan’s national ID system.
JPYC Inc. has set an ambitious goal: reaching 10 trillion yen (approximately $65.4 billion) in circulation within the next three years. For context, Tether’s USDT, the world’s largest stablecoin, currently has around $183 billion in circulation.
To support adoption, JPYC is partnering with several Japanese companies. Densan System is developing payment solutions that integrate JPYC for retail and e-commerce, while Asteria plans to embed the token in its enterprise data integration software used by more than 10,000 firms. Additionally, crypto wallet provider HashPort will enable JPYC transactions within its platform.
The launch arrives amid Japan’s broader effort to strengthen its stablecoin framework. The government updated its laws in June 2023, requiring issuers and service providers to register under the Funds Settlement Act and Banking Act to ensure compliance and consumer protection.
Major Japanese banks are also entering the space. SMBC, one of the country’s largest financial institutions, announced plans earlier this year to develop its own stablecoin in collaboration with Ava Labs and Fireblocks, according to Nikkei.
日本経済新聞社
With JPYC’s debut, Japan signals its commitment to balancing innovation and regulation in the fast-evolving world of digital assets. The launch could pave the way for a more robust and transparent stablecoin ecosystem in Asia’s second-largest economy.
