Japan has officially launched the first stablecoin, JPYC, which is backed by the Japanese yen and government bonds. The token is already available on the Ethereum, Avalanche, and Polygon blockchains.
This is reported by Finway
JPYC — A New Tool for Digital Payments
JPYC Inc, a fintech company, has introduced JPYC as the first legally recognized stablecoin in the country, fully backed by reserves in yen and government bonds. Its launch took place on October 27, 2025, following the company’s registration as a money transfer service provider under the Payment Services Act.
This token is classified as an electronic payment instrument and has several key features:
- full 1:1 exchange with the Japanese yen;
- instant transfers while preserving the value of the national currency;
- minimal fees and high transaction speed thanks to blockchain technologies;
- reserve coverage in the form of deposits and government bonds exceeding 100% of the total token volume.
A platform called JPYC EX has been created for transactions with JPYC. Registered users can deposit yen to receive JPYC in their wallets or send JPYC to a specified address for conversion back to yen. Access to the platform requires identity verification via My Number Card or JPKI.
The company has set an ambitious goal: to issue 10 trillion yen (approximately $65 billion) within three years.
Partnerships and Development Prospects for JPYC
JPYC Inc emphasizes that the new stablecoin is already being integrated by leading services and businesses in Japan:
- Densan System Co is implementing JPYC in offline payment networks, e-commerce, and intercompany settlements at over 65,000 locations;
- ASTERIA Warp is automating cash flows for over 10,000 corporate clients;
- HashPort Wallet has integrated JPYC into the EXPO2025 Digital Wallet, which has 700,000 users;
- N Suite (double jump.tokyo) is optimizing corporate asset management using JPYC;
- Nudge Card allows payments in yen with subsequent access to JPYC;
- comilio uses JPYC for payments to manga artists and creators both in Japan and abroad;
- CryptoLinC provides automated accounting of JPYC transactions for tax reporting.
The market capitalization of JPYC currently lags significantly behind the market leader USDT, which has a capitalization of over $183 billion. However, JPYC is viewed as an open financial infrastructure available for integration by any businesses and developers without special agreements.
“A new economic sphere based on JPYC is rapidly taking shape. […] To accelerate this trend, we will continue to strengthen collaboration with partner companies and strive to develop products and build an ecosystem that meets a wide range of needs for both corporate and individual clients.”
JPYC Inc expresses its commitment to opening new opportunities for stablecoins denominated in Japanese yen, not only in the domestic market but also in the global environment.
It is worth noting that plans for the launch of JPYC were announced back in August 2025.