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Deployments · platform by JPYC Inc.

JPYC yen stablecoinUpdated 7 Nov 2026

A yen stablecoin issued by JPYC Inc., a Tokyo fintech registered as a fund transfer service provider, and redeemable one for one in yen. It launched on 27 October 2025 on Ethereum, Polygon and Avalanche with the JPYC EX issuance and redemption service, and later added Kaia. Reserves are yen deposits and Japanese government bonds. About ¥3.4 billion was in circulation in October 2026, most of it on Polygon; the company reported over ¥35 billion of total transaction volume by May 2026.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since 27 Oct 2025[1] — Live and open to the public in Japan, but small in scale (about ¥3.4 billion outstanding). · Reviewed 21d ago

Assets
Stablecoin[1]
Yen stablecoin backed by yen deposits and Japanese government bonds
Networks
Ethereum Public, permissionless[3]
Polygon Public, permissionless[3]
Avalanche Public, permissionless[3]
Kaia Public, permissionless[3]
Added after launch.
Use cases
Primary issuance[4]Merchant payments[2]
Jurisdictions
Japan

Participants

Operates under

Likely relevant regulation

Assets

Metrics

  • ¥1.82bnTokens in circulation · as of 11 Oct 2026 · on Polygon[4]
  • ¥839.81mTokens in circulation · as of 11 Oct 2026 · on Ethereum[4]
  • ¥690.11mTokens in circulation · as of 11 Oct 2026 · on Kaia[4]
  • ¥97.02mTokens in circulation · as of 11 Oct 2026 · on Avalanche[4]
  • ¥2.5bnCumulative issuance · as of May 2026[5]
    Company figure.
  • over ¥35bnTotal transaction volume · as of May 2026[5]
    Company figure.
  • 18,000 accountsJPYC EX accounts opened · as of Aug 2026[5]
  • ~¥2.9bnSupply on chain (daily) · as of 7 Nov 2026[8]
    Automated daily reading of on-chain supply across all chains.
  • ~¥606.19mSupply on chain (daily) · as of 7 Nov 2026 · on Ethereum[8]
    Automated daily reading.
  • ~¥126.59mSupply on chain (daily) · as of 7 Nov 2026 · on Avalanche[8]
    Automated daily reading.
  • ~¥1.55bnSupply on chain (daily) · as of 7 Nov 2026 · on Polygon[8]
    Automated daily reading.
  • ~¥618.37mSupply on chain (daily) · as of 7 Nov 2026 · on Kaia[8]
    Automated daily reading.

Timeline

  1. Happened Aug 2026 (month only) · Scope expansion · recorded 12 Oct 2026
    JPYC reports issuance on Kaia as well, and LINE NEXT's Unifi wallet adopts the stablecoin.[5]
  2. Happened 27 Oct 2025 · Launch · recorded 12 Oct 2026
    JPYC and the JPYC EX issuance and redemption service go live on Ethereum, Polygon and Avalanche.[1]
  3. Happened 18 Aug 2025 · Regulatory approval · recorded 12 Oct 2026
    JPYC Inc. is registered as a fund transfer service provider, allowing it to issue a redeemable yen stablecoin.[2]

Sources

  1. [1]Japan's JPYC launches country's first yen-denominated stablecoin — The Block, 27 Oct 2025. Accessed 12 Oct 2026.C
  2. [2]国内初の円建てステーブルコイン「JPYC」が発行を開始。会見ではマネロン対策への質問も — Business Insider Japan, 27 Oct 2025. Accessed 12 Oct 2026. In Japanese; our summary is translated.C
  3. [3]JPYC EX — JPYC Inc.. Accessed 12 Oct 2026. In Japanese; our summary is translated. Lists supported networks (Ethereum, Polygon, Avalanche, Kaia), ¥3,000 minimum for issuance and redemption, no issuance or redemption fee..B
  4. [4]JPY Coin (JPYC) stablecoin data — DefiLlama. Accessed 12 Oct 2026. Per-chain circulating supply, latest data point 2026-10-11..A
  5. [5]日本円ステーブルコインのJPYC、シリーズBで約10億円を追加調達 — BRIDGE, 12 Aug 2026. Accessed 12 Oct 2026. In Japanese; our summary is translated. Company-reported figures (accounts, cumulative issuance, transaction volume, chains)..C
  6. [6]A first for a Japanese credit card: Diners Club points can be exchanged for the yen stablecoin JPYC from 1 June 2026 — HashPort (PR TIMES), 26 May 2026. Accessed 28 Oct 2026. In Japanese; our summary is translated.B
  7. [7]A first for a Japanese credit card: Diners Club points can be exchanged for the yen stablecoin JPYC from 1 June 2026 — Sumitomo Mitsui Trust Club (PR TIMES), 26 May 2026. Accessed 28 Oct 2026. In Japanese; our summary is translated.B
  8. [8]Supply by chain, read daily — DefiLlama (automated daily refresh). Accessed 7 Nov 2026.A

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