Japan officially entered the stablecoin market today with the launch of JPYC, the country’s first legally recognized yen-backed digital currency, according to a statement by JPYC Inc. The company also unveiled JPYC EX, a new platform that issues and redeems the stablecoin under Japan’s updated 2023 payment regulations.
Fully backed by yen deposits and short-term government bonds, JPYC maintains a 1:1 parity with the Japanese yen, distinguishing it from algorithmic or unregulated stablecoins. It operates across Ethereum, Avalanche, and Polygon, allowing users and businesses seamless blockchain interoperability. To comply with Japan’s strict KYC framework, buyers must verify their identity via the My Number national system.
JPYC Inc. targets a 10 trillion yen circulation within three years and plans integrations with firms like Densan System and Asteria to enable retail and enterprise payments. The launch underscores Japan’s growing support for regulated digital finance and sets a benchmark for stablecoin adoption in Asia.
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