JPYC, Japan's first regulated yen-backed stablecoin, marked its first anniversary on October 27, 2026. While cumulative issuance surpassed ¥10 billion, CEO Noritaka Okabe stated that actual circulation remains below internal company targets.
The primary obstacle identified by the company is a ¥1 million cap per transaction. This limit creates friction for corporate users attempting to settle large invoices, hindering the adoption of the token for business payments.
Despite the circulation challenges, the company maintains ambitious growth plans, targeting a tenfold increase in the second year. The strategy relies on expanding partnerships, including a collaboration with logistics firm AZ-COM Maruwa to pay 2,300 carriers.
On October 20, 2026, JPYC signed a memorandum of understanding with SBJ Bank and LINE NEXT to explore direct bank account integration. Additionally, the token is accepted by over 150 merchants, with trials conducted at Lawson stores.
The stablecoin operates on Ethereum, Avalanche, Polygon, and Kaia blockchains and is backed by yen deposits and Japanese government bonds. Redemption is available at a 1:1 ratio through the JPYC EX platform.
