Japan Launched First Yen-backed Stablecoin JPYC

• The first stablecoin backed by yen has been officially launched in Japan.
• JPYC was launched in three networks at once — Ethereum, Avalanche, and Polygon.
• The goal is 10 trillion yen in circulation in three years.

Fintech company JPYC Inc has announced the official launch of Japan’s first legally recognized stablecoin backed by yen and government bonds, starting October 27, 2025. The new token is called JPYC and is now available on the Ethereum, Avalanche, and Polygon blockchains.

The company registered as a money transfer service provider in accordance with the Payment Services Act of August 18, 2025, and issued the stablecoin after a preparatory period.

JPYC is classified as an electronic payment instrument and has key properties:

• 1:1 exchange with the Japanese yen
• Instant transfers with the preservation of the yen’s value
• Low costs and high speed of transactions in the blockchain
• Backup collateral in the form of deposits and government bonds of more than 100% of the tokens in circulation

To issue and redeem the token, the JPYC EX platform was launched, where registered users can:

• Deposit yen to receive JPYC to their wallet
• Send JPYC to the specified address to receive a refund in yen

The platform requires identity verification integrated with My Number Card/JPKI.

The company aims to issue 10 trillion yen in three years (about $65 billion).

For comparison, the USDT market cap is currently over $183 billion, according to CoinMarketCap.

The company emphasised that JPYC is already being supported by various services and businesses:

• Densan System Co — development of offline, e-commerce, and intercompany payments through a network of more than 65,000 points
• ASTERIA Warp — automation of cash flow operations in business (10,000 client companies)
• HashPort Wallet – JPYC support in the EXPO2025 Digital Wallet for 700,000 users
• N Suite (double jump.tokyo) — optimization of corporate asset management
• Nudge Card — the ability to pay with credit cards in yen with access to JPYC
• comilio — payments to manga artists and creators in Japan and abroad
• CryptoLinC — automatic accounting of JPYC transactions for tax reports

The public release emphasized:

JPYC is positioned as an open financial infrastructure that any business or developer can integrate without special agreements.

The company noted that through JPYC, it intends to “open up new opportunities for stable coins denominated in Japanese yen, not only in Japan but also in the global environment.”

As a reminder, the plans to launch a stablecoin pegged to the value of the national currency, the yen, were announced in August this year.