Japan’s First Yen-Backed Stablecoin JPYC Goes Live

JPYC, a fintech firm based in Tokyo, has launched Japan’s first yen-backed stablecoin as well as a platform to issue the new token.

The stablecoin, with the ticker “JPYC,” went live today and is backed 1:1 by bank deposits and government bonds. It also has a 1:1 exchange rate with the yen, according to an announcement by the company. The stablecoin’s issuer said that it will not charge a transaction fee, and will instead generate revenue from interest on its holdings of the Japanese government bonds. 

Businesses Show Interest In Integrating With JPYC Stablecoin

Speaking at a recent press conference, JPYC President Noriyoshi Okabe said that his company’s stablecoin is a “major milestone in the history of the Japanese currency,” according to a report from Business Insider Japan.  

ついに、日本円建初のステーブルコインJPYCが！
JPYCの発行償還が開始されました。https://t.co/X3gLEVRFs7

【開発者向け】
コントラクトアドレスは契約前準備書面をご覧ください。https://t.co/hHpY0HIyCW

— 岡部典孝　JPYC代表取締役 (@noritaka_okabe) October 27, 2025

He added that the stablecoin has attracted interest from seven companies that are planning to integrate with the token. 

Fintech Software firm Densan System is developing payment systems for retail stores and e-commerce platforms incorporating the recently-launched stablecoin. Meanwhile, Asteria plans to add functionality for the token to its enterprise data integration software, which is used by more than 10K companies. HashPort, the crypto wallet, also plans on supporting JPYC transactions.

JPYC Can Circulate Globally

The JPYC stablecoin will be able to circulate globally, which is a level of flexibility that tokens in other Asian regions don’t have. Both the Korean won and the Taiwan dollar are onshore currencies by local law. Conversely, Japan’s yen is freely convertible and can be used offshore. 

That’s following reforms in the 1980s that dismantled Japan’s postwar capital controls. 

Seoul’s current policy for the won preserves monetary control. It also leaves little room for a global stablecoin to function, given that such a token would be limited to whitelisted Korean users and mostly domestic settlements. 

Taiwan is in a similar situation. While its dollar is technically convertible, it is not used offshore. What’s more, Taipei’s stablecoin framework that was introduced in June mandates full onshore reserves and central bank reporting. This is to prevent cross-border leakage. 

JPYC Accompanied By A Platform Launch

Alongside the JPYC stablecoin, the token’s issuer has also launched JPYC EX. This is a dedicated platform that will facilitate the issuance and redemption of the token.

That platform will be governed by strict identity and transaction verification under the Act on Prevention of Transfer of Criminal Proceeds. 

Users are able to deposit Japanese yen into an account via a bank transfer to receive JPYC to a registered wallet address. They can also receive a refund in yen to a withdrawal account. 

US Stablecoins Still Dominate The Market

JPYC’s launch comes amid a stablecoin boom. A recent report showed that stablecoin payment settlements have grown approximately 70% in the past six months, from around $6 billion in February this year to $10 billion by August. 

A portion of that growth comes after US President Donald Trump signed the GENIUS Act into law in July. This act gave the industry some much-needed regulatory clarity, and has established a framework for stablecoin firms looking to issue their tokens in the US to follow.

Stablecoins pegged to the US dollar still dominate the market, which has a capitalization of more than $308 billion, according to data from DefiLlama. 

Stablecoin market cap (Source: DefiLlama)

The biggest stablecoins by market cap are Tether’s USDT and Circle’s USD Coin (USDC), which have respective capitalizations of more than $183.15 billion and $75.81 billion.

After USDT and USDC, the next-biggest stablecoins are Ethena’s USDe and Sky Dollar, with their total capitalizations standing at over $10.36 billion and $5.31 billion, respectively.

Meanwhile, tokens pegged to the Japanese yen currently have a combined capitalization of around $7.82 million, the DefiLlama data shows. 

However, yen-backed stablecoins could soon take up more market share as JPYC says its plan is to issue 10 trillion yen, approximately $65.4 billion, of its token within three years. The company also plans to expand the number of blockchains that support the token as well as enter into collaborations with more businesses. 

Related Articles:

Best Wallet – Diversify Your Crypto Portfolio

• Easy to Use, Feature-Driven Crypto Wallet
• Get Early Access to Upcoming Token ICOs
• Multi-Chain, Multi-Wallet, Non-Custodial
• Now On App Store, Google Play
• Stake To Earn Native Token $BEST
• 250,000+ Monthly Active Users