JPYC Inc. has launched Japan’s first regulated yen-backed stablecoin under the revised Payment Services Act, marking a significant milestone in the country’s digital currency evolution.
The token, also named JPYC, is issued via the firm’s dedicated platform, JPYC EX, and is fully backed by Japanese yen held in bank deposits and government bonds. It is classified as an “electronic payment instrument” and operates across Ethereum, Avalanche, and Polygon blockchains. Users can mint and redeem the token 1:1 against fiat yen, with no transaction fees initially charged.
JPYC Inc. is registered with the Kanto Local Finance Bureau as a funds transfer service provider, making it the first domestic issuer to launch a compliant stablecoin under Japan’s updated regulatory framework. According to the company’s press release, JPYC aims to reach ¥1trn in circulation within three years.
However, CEO Noritaka Okabe told Reuters the firm hopes to issue up to ¥10trn over the same period, adding that JPYC is open to capital tie-ups to improve global interoperability.
The launch adds momentum to Japan’s broader push into digital yen infrastructure. As reported by Capital Pioneer, Japan Post Bank plans to issue a blockchain-based deposit currency by 2026, while MUFG, SMBC, and Mizuho are collaborating on an institutional stablecoin framework. Separately, SBI Holdings-backed UCDC is preparing its own regulated tokenised yen.
Capital Pioneer was in Tokyo for Japan Fintech Week earlier this year. Find all our coverage online.
