Circle Partner Launches JPYC, World's First Yen-Pegged Stablecoin

Tokyo fintech JPYC Inc. has launched JPYC, the world's first stablecoin pegged to the Japanese yen. The stablecoin – which is backed by yen bank deposits and Japanese government bonds – is supported across the Ethereum, Polygon, and Avalanche networks.

What's the Scoop?

• Regulated Issuer: JPYC Inc. became a registered "Fund Transfer Service Provider" with Japan's Financial Services Agency in August. The license allows JPC to issue the first Japanese yen-denominated stablecoin (JPYC) and launch JPYC EX, a dedicated platform for issuing and redeeming JPYC.
• Yen Turning Point: In an interview with The Japan Times, JPYC CEO Noritaka Okabe called JPYC's launch a “major turning point in the history of the Japanese currency,” one which positions a digital yen as the foundation for Japan’s next-generation financial infrastructure.
• Big Ambitions: According to The Japan Times, Okabe plans to issue ¥10 trillion (~$66 billion) JPYC within three years. Users can now exchange yen for JPYC through JPYC EX using their Japan "My Number ID."
• Circle Alignment: Jeremy Allaire – the CEO of USDC stablecoin issuer Circle – congratulated the JPYC team on their launch, noted that Circle was an early investor in the company, and alluded to the benefits of onchain JPY-USD liquidity in a post to X.