TheMonsoon Ledger

Pilot Scorecard

JPYC Inc.

JPYC, registered as a funds transfer service provider, said it would issue JPYC, a yen stablecoin redeemable 1:1, on Avalanche, Ethereum and Polygon from 27 October 2025, through its JPYC EX platform.

Status
Live
Announced
(announcement)
Original title
【国内初】日本円ステーブルコイン「JPYC」および発行・償還プラットフォーム「JPYC EX」を正式リリース
Stage
Production
Chain or network
Ethereum mainnet, Avalanche, Polygon and Kaia
Next review

Scorecard

As of the review on . How pilots are scored

LedgerPublic chain
SettlementStablecoin
AccessOpen
Legal standingToken is the legal record
ScaleSustained

What they said they would do

Decisions

  1. Expanded

    JPYC began issuing on Kaia, its first chain beyond the three at launch, at the same contract address.

    Source: prtimes.jp

Review history

  1. Live Production

    JPYC began issuing on 27 October 2025 and added Kaia in May 2026. JPYC reported total issuance of about 7.7 billion yen and about 23,000 account applications as of 31 August 2026; Etherscan showed 3,025 holding addresses on 24 October 2026. The 10 trillion yen target falls due in October 2028.

    Evidence: prtimes.jp, prtimes.jp, etherscan.io

Contracts

What was announced

JPYC Inc. registered as a funds transfer service provider with the Kanto Local Finance Bureau on 18 August 2025 (registration number 00099), which allowed it to issue a yen stablecoin as an electronic payment instrument under the Payment Services Act. On 24 October 2025 it said it would start issuing JPYC on Avalanche, Ethereum and Polygon at 13:00 on 27 October, and opened JPYC EX, its platform for minting and redemption. It said it aimed to reach an outstanding issuance on the scale of 10 trillion yen within three years. JPYC had earlier issued “JPYC Prepaid”, a prepaid instrument that could not be redeemed for yen.

How it works

A user registers on JPYC EX, passes identity checks under the Act on Prevention of Transfer of Criminal Proceeds using a My Number Card, and wires yen; JPYC mints the same amount of tokens to the user’s registered wallet. Redemption runs the other way, 1 JPYC for 1 yen. JPYC says the reserve is yen deposits and Japanese government bonds covering at least 100% of the outstanding balance. The token is an ERC-20 on public chains, so ledger is public, and Etherscan shows it held by thousands of addresses, so access is open. JPYC is the issuer’s liability under the Payment Services Act, so legal is native. As a funds-transfer-type instrument it is subject to a 1 million yen limit on holdings and transfers, a limit the JPYSC release says trust-type coins do not have.

Record so far

Issuance began on 27 October 2025 as announced. On 15 May 2026 JPYC added Kaia, a chain formed from Kakao’s Klaytn and LINE’s Finschia, at the same contract address as on Ethereum. On 9 October 2026 JPYC reported total issuance of about 7.7 billion yen and about 23,000 account applications as of 31 August 2026. Total issuance is a cumulative figure, not the outstanding balance the three-year target refers to.

For Ethereum

JPYC shows the Payment Services Act works on a public chain. JPYC describes itself as the first yen stablecoin issued by a funds transfer service provider under Japan’s 2023 rules, and for a year it has run as an ERC-20 on Ethereum mainnet and other EVM chains, at one address across them, with identity checks at minting and redemption through JPYC EX and no whitelist on transfers between wallets. The 1 million yen limit keeps it out of wholesale use, and no FSA document says whether unrestricted transfers will stay allowed.

What to watch

The outstanding balance against the 10 trillion yen target, due October 2028. Any FSA action on transfers to unhosted wallets would change access.