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Japan Issues World's First Yen Based Stablecoin

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JPYC

PYC Co., Ltd., a Japan-based fintech company, officially launched the world's first yen-based stablecoin, JPYC on Monday (27/10/2025). 

The move is an important milestone in a country where people still tend to rely on cash and credit cards to transact.

In an official statement, JPYC announced the issuance of the stablecoin in conjunction with the launch of a special platform for issuance and redemption, JPYC EX. 

JPYC has been registered as a fund transfer service provider under the supervision of Japan's Financial Services Agency (FSA) since last August.

JPYC

Structure and mechanism of JPYC

This Stablecoin is designed to maintain a 1:1 value against the Japanese yen and runs on multiple blockchain networks such as Avalanche, Ethereum, and Polygon. 

All JPYC tokens are guaranteed 100% by reserves in the form of yen deposits and Japanese government bonds (JGB), in accordance with the Payment Services Act applicable in Sakura.

Through the JPYC EX platform, users can purchase JPYC after completing the identity verification process using the My Number card, a national identity document for Japanese citizens and residents.

JPYC

According to JPYC CEO, Noritaka Okabe, the company is targeting issuance of up to JPY10 trillion or around Rp1, 087 trillion in the next three years, with the ambition of making JPYC a digital asset that can be used widely at home and abroad.

To encourage early adoption, JPYC will not charge transaction fees and plans to earn revenue from the interest on government bonds that back up its assets.

"We want to drive innovation by giving startups access to low transaction and settlement costs," Okabe said. “We are also open to cross-border capital cooperation to expand global interoperability.”

JPYC

Impact on Japan's financial ecosystem

Blockchain-based stablecoins such as JPYC are known to offer faster transactions and more cost efficient than conventional payment systems. However, up to now, more than 99% of the world's stablecoin supply is still dominated by US dollar-based stablecoins such as USDT and USDC.

Meanwhile, the adoption of yen-based stablecoins in Japan is still considered to take time.

The launch of JPYC coincides with the Japanese government's move to tighten scrutiny of the fast-growing stablecoin sector. In June 2023, the government revised regulations through the Funds Settlement Act and Banking Act, which require all issuers to be officially registered and comply with user fund protection provisions.

JPYC

Broadly speaking, several major financial institutions in Japan appear to be showing increasing interest in issuing stablecoins. For example, Sumitomo Mitsui Banking Corporation (SMBC) in April 2025 announced a partnership with Ava Labs and Fireblocks to launch their version of the yen-based stablecoin.

"Stablecoins could become important players in the international payment system and partially replace the function of bank deposits,” BOJ Deputy Governor Ryozo Himino said in a speech last week.

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