JPYC is a Japanese yen stablecoin issued by JPYC Inc., a Tokyo company registered with Japan's Financial Services Agency as a funds transfer service provider, and each token is redeemable one to one for yen. JPYC Inc. began formal issuance on October 27, 2025, which made JPYC the first yen stablecoin issued as an "electronic payment instrument" under Japan's Payment Services Act, according to the company's launch release.
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The token runs on public blockchains, is backed by yen bank deposits and Japanese government bonds, and is minted and redeemed through a company platform called JPYC EX. This page covers how JPYC is regulated, how issuance works, which chains it supports, and where the model has limits.
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JPYC is a yen-denominated stablecoin issued by JPYC Inc. under Japan's amended Payment Services Act. Holders can exchange it for yen at a fixed one to one rate through JPYC EX. The issuer states that yen deposits and Japanese government bonds fully back the tokens outstanding, and the token moves on public blockchains.
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JPYC Inc. registered as a funds transfer service provider on August 18, 2025, under Article 37 of the Payment Services Act, with Kanto Local Finance Bureau registration number 00099, per the October 24, 2025 release. The same release lists the company as founded in November 2019 and led by representative director Noritaka Okabe.
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The current JPYC should not be confused with the older product. Before registration, the company issued "JPYC Prepaid," a prepaid payment instrument that could not be redeemed for yen. The JPYC EX site states that new issuance of JPYC Prepaid ended on June 1, 2025, and that the new JPYC is a redeemable electronic payment instrument of the funds transfer type.
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JPYC works through a reserve and redemption loop. A verified user reserves an issuance on JPYC EX, sends yen by bank transfer, and receives JPYC at a registered wallet address. To redeem, the user sends JPYC back to a designated address and receives yen in a registered bank account. Issuance and redemption carry no JPYC fee.
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The launch release describes the flow in four steps and notes that registration requires identity verification under Japan's anti-money-laundering law, performed only through the My Number card public key system (JPYC Inc.). The JPYC EX FAQ sets the minimum issuance or redemption at 3,000 yen and says transfers between users have no amount limit. Bank transfer fees and gas are paid by the user.
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The model is non-custodial. JPYC Inc. issues and redeems, but it does not hold users' tokens. Wallets and apps are built by third parties. At launch, JPYC's president described this split in an interview with Impress Watch, comparing it to people managing the cash in their own wallets.
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The sequence below shows the full cycle.
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Yes. JPYC Inc. is registered with Japan's Financial Services Agency, through the Kanto Local Finance Bureau, as a funds transfer service provider, and JPYC is issued as an electronic payment instrument under Article 2, Paragraph 5 of the Payment Services Act. Japan's 2023 amendments to that law created the stablecoin category JPYC uses.
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The launch release cites both the Article 37 registration and the Article 2(5) classification. Impress Watch reported that the amended Payment Services Act took effect in June 2023 and gave stablecoins a legal status as electronic payment instruments (Impress Watch, October 28, 2025).
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Registration type matters. Impress Watch reported that JPYC's registration is the type that caps a single transfer at 1 million yen, so issuance and redemption are limited to 1 million yen per day, while holding and sending JPYC in wallets has no cap. The same report said the company intends to apply for the higher tier to serve large trade settlement (Impress Watch). The FSA's registry of funds transfer providers is published on the FSA licensing page.
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JPYC is backed by yen held as bank deposits and Japanese government bonds. The issuer states the reserve fully covers tokens outstanding. At launch, JPYC's president said reserves would start as a mix of deposits and government bonds, with the bond share rising over time.
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The 100% or more backing statement comes from the launch release. The planned deposit and bond mix, and the business model of earning interest on short-term bonds, come from the president's remarks reported by Impress Watch. The JPYC EX site says the company plans to publish reserve status regularly.
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JPYC started on Ethereum, Polygon, and Avalanche, then added Kaia as its first additional chain in May 2026. JPYC EX supports all four networks for issuance and redemption. The issuer has said it plans to expand chain support over time, and it publishes a free developer SDK on GitHub.
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The three launch chains appear in the October 2025 release. The JPYC EX FAQ lists Ethereum, Polygon, Avalanche, and Kaia as supported. JPYC Inc. announced Kaia issuance in a May 15, 2026 release.
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JPYC is small next to dollar stablecoins but growing. JPYC Inc. reported a new cumulative issuance milestone in September 2026, less than a year after launch. Cumulative issuance counts all tokens ever minted, so it is not the same as the supply outstanding today.
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The 10 billion yen figure comes from the company's September 18, 2026 release. An earlier June 1, 2026 release reported more than 19,000 JPYC EX accounts and cumulative issuance above 3 billion yen. At launch, the company set a goal of 10 trillion yen in outstanding issuance within three years (JPYC Inc.). That is a target, not a result.
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Named integrations at launch included Densan System for convenience store and ecommerce payments, Asteria's ASTERIA Warp, HashPort Wallet, double jump.tokyo's N Suite, and Nudge card bill payments, per the launch release. Later releases added Diners Club point conversion (May 25, 2026) and Unifi on LINE (May 21, 2026).
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JPYC has three practical limits. Minting and redemption have been capped per day under its current registration tier. Onboarding requires a Japanese My Number card, which excludes most non-residents from direct minting. And cumulative issuance is small compared with the dollar stablecoins that dominate onchain liquidity.
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The daily cap is reported by Impress Watch, which quotes the president saying the current setup does not fit trade settlements in the billions of yen. The My Number requirement is stated on the JPYC EX site. Secondary holders can still receive JPYC by transfer, but primary access runs through Japanese KYC.
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Liquidity on each chain is thinner than for dollar stablecoins, so moving yen value across chains or into dollar pairs can cost more. Teams that need JPYC alongside USDC or USDT across several networks often route transfers through orchestration layers such as Eco, which move stablecoins between chains through existing rails.
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No. JPYC Prepaid was a prepaid payment instrument that could not be redeemed for yen, and new issuance ended on June 1, 2025. The current JPYC is a redeemable electronic payment instrument, per the JPYC EX FAQ.
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JPYC Inc. is a private company. Impress Watch reported that Circle invested in 2021 (Impress Watch). The company announced a Series B extension in an August 5, 2026 release. No ownership percentages are published here.
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JPYC EX charges no fee for issuance or redemption. Users pay their own bank transfer fees and network gas, per the JPYC EX FAQ.
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Direct minting on JPYC EX requires identity verification with a My Number card, per the launch release. Other people can receive JPYC by onchain transfer from existing holders.
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Facts on this page come from primary sources fetched on September 30, 2026: