Key Highlights
- JPYC EX cumulative issuance surpassed ¥10 billion, driven by expanded use among individuals, Japanese companies, and overseas projects.
- The yen-pegged stablecoin was listed on South Korea’s Upbit exchange for KRW, BTC, and USDT markets, with a temporary price spike that later corrected toward the 1:1 yen peg.
- JPYC, Japan’s first licensed yen stablecoin, is issued on Ethereum, Polygon, Avalanche, and Kaia, and is fully backed by yen deposits and government bonds.
JPYC Inc. announced that cumulative issuance through its JPYC EX platform surpassed ¥10 billion, according to the latest report. The major milestone came one day after the Japanese yen-pegged stablecoin began trading on South Korea’s largest cryptocurrency exchange, Upbit.
JPYC is Japan’s first licensed yen stablecoin, that has been classified as an electronic payment means under the country’s Fund Settlement Act. It maintains a 1:1 peg with the Japanese yen and is fully backed by yen deposits and Japanese government bonds. Users can issue and redeem JPYC at par through the official JPYC EX platform.
JPYC EX Adoption Increases Over Time
According to the company’s announcement, cumulative issuance through JPYC EX exceeded ¥10 billion. On-chain data also confirmed a sharp increase in the use cases of JPYC EX. Cumulative issuance rose from about ¥8.08 billion in September to ¥10 billion, along with a single gain of roughly ¥2.54 billion.
The rapid growth is showing the rapid adoption of digital currency. Users expanded beyond individuals to include Japanese companies and overseas projects. JPYC is issued on 4 blockchains, including Ethereum, Polygon, Avalanche, and Kaia. Earlier milestones included ¥3 billion by late May 2026, followed by steady growth through the summer.
JPYC EX launched formal issuance in late October 2025 after the company registered as a funds transfer service provider. Issuance is limited to ¥1 million per transaction, with identity verification required through Japan’s My Number Card system. Redemption remains available at 1 JPYC for 1 yen, regardless of secondary-market prices.
“The scenarios in which JPYC will be “received” and “used” are gradually becoming more concrete. Going forward, important themes include ensuring that the announced concepts and demonstrations lead to continued use, and establishing a foundation for secure and reliable use,” mentioned in the latest report.
Upbit Lists JPYC EX
Upbit listed JPYC on September 17, for trading against the Korean won, Bitcoin, and Tether. Trading initially focused on the Ethereum version of the token. The exchange later added deposit support for Polygon and Kaia networks.
Limited circulating supply on Ethereum at the time of listing contributed to a temporary price spike. JPYC clearly traded as high as around 37.6 Korean won, roughly 3 to 4 times its intended 1-yen value, before returning toward the peg as new supply entered the market. On-chain minting accelerated in response, with significant issuance occurring overnight between September 17 and 18.
Circulating supply roughly doubled around the listing, rising from about ¥1.9 billion to more than ¥4.2 billion within 48 hours. Price dislocation on Upbit and decentralized exchanges narrowed once additional tokens became available. Regulatory differences restrict Korean users from directly issuing and redeeming JPYC EX.
The ¥10 billion milestone and the Upbit listing mark progress in practical use cases. Recent developments include partnerships aimed at real-world payments. Netstars signed a memorandum of understanding with the Kaia DLT Foundation to explore integrating Kaia-based stablecoins into its StarPay network, which serves more than 700,000 merchants. A separate pilot for in-store JPYC payments in Osaka received local government support and is scheduled to run from November 2026 to March 2027 across a small number of locations.
JPYC Inc. has stated goals of scaling issuance significantly over the upcoming years while expanding payment and settlement use cases. The company continues to support multiple chains and integrate with wallets and services. A September monthly report released around mid-October highlighted the issuance milestone, the Upbit listing, and ongoing payment pilots.
