Tokyo-based JPYC has launched Japan’s first yen-backed stablecoin, marking a milestone in the country’s digital finance push. The token, backed one-to-one by bank deposits and government bonds, maintains a fixed 1:1 exchange rate with the yen.
Alongside the coin, JPYC introduced JPYC EX, a regulated platform for issuing and redeeming the stablecoin under Japan’s anti–money laundering laws. President Noriyoshi Okabe called the rollout “a major milestone in the history of Japanese currency,” noting interest from seven firms planning to integrate the token.
The launch comes as Japan’s stablecoin market opens up, following Circle’s introduction of USDC earlier this year. Financial giants MUFG, SMBC, and Mizuho are also developing their own yen-pegged coins, while Monex Group has signaled plans to enter the space.
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The JPYC launch underscores Japan’s entry into the global stablecoin arena, potentially boosting fintech adoption and yen digitalization. It could also spur regulatory momentum as banks and major firms prepare rival offerings.
