Tokyo-based fintech firm JPYC has officially launched Japan’s first yen-backed stablecoin, alongside a new issuance platform — marking a major step in the country’s entry into the global stablecoin race.
The JPYC stablecoin went live on Monday, fully backed one-to-one by bank deposits and Japanese government bonds, maintaining a 1:1 peg to the yen, the company announced on Friday.
At a press conference in Tokyo, JPYC President Noriyoshi Okabe described the launch as “a major milestone in the history of Japanese currency.” He also revealed that seven companies have already expressed interest in integrating the new stablecoin, according to Business Insider Japan.
JPYC’s debut comes amid a global surge in the stablecoin market, which is now valued at over $308 billion and remains largely dominated by U.S. dollar–pegged assets like Tether’s USDT and Circle’s USDC. Dollar-backed stablecoins have already gained a foothold in Japan — Circle officially launched USDC in the country on March 26.
Launch of JPYC EX platform
Alongside the stablecoin, JPYC has rolled out JPYC EX, a dedicated platform for issuing and redeeming the token. The platform operates under strict identity and transaction verification rules in compliance with Japan’s Act on Prevention of Transfer of Criminal Proceeds.
Through JPYC EX, users can deposit Japanese yen via bank transfer to receive JPYC in a registered crypto wallet, or redeem their tokens for yen in a linked withdrawal account.
Looking ahead, JPYC aims to reach an issuance balance of 10 trillion yen within three years, positioning its stablecoin as a cornerstone of “new social infrastructure” in Japan’s digital economy.
More yen stablecoins may be on the way
JPYC may soon face competition. Monex Group, a Tokyo-based financial services firm, announced plans in August to launch its own yen-pegged stablecoin.
Meanwhile, Japan’s three largest banks — Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corp, and Mizuho Bank — are reportedly preparing to jointly issue a yen-backed stablecoin through MUFG’s Progmat platform.
At the same time, Japan’s Financial Services Agency (FSA) is reportedly considering regulatory revisions that would allow banks to acquire and hold cryptocurrencies like Bitcoin for investment purposes — a move that could further integrate digital assets into the country’s financial system.
