JPY Coin
jpycWhat is JPY Coin?
JPY Coin (JPYC) is a fiat-referenced stablecoin issued by JPYC Inc., a Japanese fund transfer service provider registered with the Kanto Local Finance Bureau. JPYC Inc. began issuing the current token on October 27, 2025, after registering on August 18, 2025. The issuer classifies it as an “Electronic Payment Instrument” under Japan’s Payment Services Act. It is separate from the earlier JPYC Prepaid token, and JPYC Inc. says it does not exchange the two products.
What problem does JPY Coin solve?
JPYC is intended to make yen-denominated value usable in blockchain wallets, payments, transfers, and applications without requiring the yen-denominated part of a transaction to be held in a price-volatile cryptoasset. JPYC EX also provides an issuer-operated route between bank money and an on-chain token, subject to registration, identity verification, operational procedures, and eligibility requirements.
How does JPY Coin work?
A verified JPYC EX user can reserve an issuance, transfer yen from a registered bank account, and receive JPYC at a registered wallet address. For redemption, the user reserves a redemption, sends JPYC to the designated address, and receives yen in a registered bank account. The issuer says the rate is 1 JPYC to ¥1 and that reserves of yen deposits and Japanese government bonds exceed 100% of issued value, but no independent reserve audit or attestation was located. The October 2025 launch announcement named Ethereum, Polygon, and Avalanche as supported networks and described additional chains only as a future possibility. On Ethereum, Etherscan identifies the 18-decimal ERC-20 at 0xE7C3D8C9a439feDe00D2600032D5dB0Be71C3c29 as an ERC-1967 proxy that delegates logic to a separate implementation contract, making the architecture technically upgradeable.
Key facts
- Japan’s Financial Services Agency lists JPYC Inc. as Kanto Local Finance Bureau registration No. 00099, registered on August 18, 2025, for Type II fund transfer services.
- The current JPYC and the JPYC EX issuance and redemption platform began service on October 27, 2025, at 1:00 p.m. Japan Standard Time.
- The issuer describes JPYC as an Electronic Payment Instrument under Article 2(5) of Japan’s Payment Services Act, rather than a cryptoasset exchange product.
- JPYC EX is designed to issue and redeem at 1 JPYC to ¥1. Account registration requires identity verification through Japan’s My Number Card public personal authentication system.
- The issuer says yen deposits and Japanese government bonds are maintained at more than 100% of issued value. No independent reserve audit or attestation was located, so this remains an issuer-reported claim.
- The launch announcement listed Ethereum, Polygon, and Avalanche as current supported chains and additional chains only as a future possibility. Readable official contract-address references for Polygon and Avalanche were not located.
- CoinGecko later placed JPYC in the Kaia ecosystem, but no readable official source confirming a current Kaia contract was located; current Kaia support is therefore unverified.
- CoinGecko and Etherscan point to the Ethereum address 0xE7C3D8C9a439feDe00D2600032D5dB0Be71C3c29. Etherscan identifies an 18-decimal ERC-20 behind an ERC-1967 proxy, but the current upgrade administrator, role holders, minting authority, pausing or freezing powers, and any multisignature or timelock constraints were not fully established.
- The current JPYC is not the earlier JPYC Prepaid token. JPYC Inc. says it does not accept exchanges between the two products.
- No fixed maximum supply or immutable supply cap was established. The official SDK link in the launch announcement returned HTTP 404 during the review and is not included as a live project link.
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Frequently asked questions
Is JPYC a Japanese-yen stablecoin?
Yes. JPYC Inc. says the current token is issued and redeemed through JPYC EX at 1 JPYC to ¥1 and is backed by yen deposits and Japanese government bonds. The reserve composition and coverage are issuer-reported because no independent audit or attestation was located.
Is JPYC legally the same as a cryptoasset in Japan?
The issuer describes JPYC as an Electronic Payment Instrument under Article 2(5) of Japan’s Payment Services Act, not as a cryptoasset, and JPYC Inc. is registered for Type II fund transfer services. That classification does not remove issuer, operational, blockchain, or smart-contract risks.
How can a user issue or redeem JPYC?
According to the launch announcement, a user registers and completes identity verification using Japan’s My Number Card public personal authentication system. Issuance follows a reservation and yen bank transfer to receive JPYC at a registered wallet; redemption follows a reservation and delivery of JPYC to the designated address to receive yen in a registered bank account.
Which blockchains support JPYC?
The October 2025 launch announcement listed Ethereum, Polygon, and Avalanche as supported and treated additional chains as a future possibility. Official readable Polygon and Avalanche contract-address references were not located. CoinGecko’s Kaia category was also not confirmed by a readable official source, so current Kaia support is unverified.
Can the JPYC smart contract be upgraded, and is it the same as JPYC Prepaid?
Etherscan identifies the Ethereum contract as an ERC-1967 proxy with separate implementation logic, so the architecture is technically upgradeable; the current controller addresses and complete administrative permissions were not fully established. The regulated JPYC is separate from the earlier JPYC Prepaid token, and JPYC Inc. says it does not exchange the two.
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