What Is JPYC? Japan's First FSA-Regulated Yen Stablecoin, Explained

Bottom line: JPYC is Japan's first FSA-regulated yen-pegged stablecoin, redeemable at a fixed 1 JPYC = 1 JPY. It is issued by JPYC Inc. (a Type II Fund Transfer Service Provider) and went live in October 2025. The peg is backed by Japanese bank deposits and Japanese Government Bonds, so you can use the yen itself, on-chain, for payments, remittances and Web3.

What JPYC is (issuer & legal status)

• Issuer: JPYC Inc. (Kanto Local Finance Bureau No. 00099, Type II Fund Transfer Service Provider).
• Legal class: an "electronic payment instrument" under Japan's Payment Services Act. In November 2025 the FSA approved it as the country's first yen-pegged stablecoin.
• Only yen stablecoins from FSA-licensed issuers (banks, fund-transfer providers, trust companies) may legally circulate to Japanese residents — JPYC is the first.

How it works (peg & backing)

• Fixed 1 JPYC = 1 JPY.
• Reserves are held in Japanese bank deposits and Japanese Government Bonds (JGBs), segregated from the company's operating funds.
• So it behaves like tokenized yen, not a volatile crypto asset.

Blockchains

Issued on Ethereum, Polygon and Avalanche.

How to buy & redeem (JPYC EX)

• Buy: send yen by bank transfer on JPYC EX → receive JPYC 1:1.
• Redeem: send JPYC via JPYC EX → tokens are burned on-chain → yen is paid to your bank account.
• Minimum 3,000 JPY, daily cap 1,000,000 JPY, with no issuance or redemption fees.

Main use cases

• Cross-border remittances (from 1 yen), retail / e-commerce payments, B2B settlements, and DeFi / Web3.

Notes (YMYL)

• The price is fixed at 1 yen, but taxes and personal responsibility can still apply as with any asset. Always confirm limits, fees, supported chains and the latest terms on the official JPYC / JPYC EX channels.
• This article is informational and is not investment or tax advice.

Market size (reference): circulating supply ≈ 2.63 billion JPYC, market cap ≈ US$17.1M as of February 2026. Figures change.