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JPYC

JPYC株式会社

Issuer of JPYC, Japan's first yen-denominated stablecoin

JapanIndustry

About

JPYC (JPYC株式会社) is a Tokyo-based fintech company founded in November 2019 and led by representative director Noriaki Okabe. It first issued a yen-denominated prepaid token, JPYC Prepaid, as a prepaid payment instrument. New issuance of that token stopped in May 2025.

On 18 August 2025 JPYC was registered as a funds transfer service provider (Kanto Local Finance Bureau No. 00099). This made it the first firm able to issue a yen stablecoin under Japan's 2023 electronic payment instrument rules. JPYC and its issuance and redemption platform, JPYC EX, launched on 27 October 2025. Each token is redeemable 1:1 for yen and backed at least 100% by deposits and Japanese government bonds. It runs on Ethereum, Avalanche, Polygon and, since May 2026, Kaia.

JPYC is the first live test of Japan's stablecoin framework for non-bank issuers. The company joined JVCEA as a first-class member in August 2025 and Okabe became a JCBA director in June 2025. It has also set out a public position on payments policy, including a March 2026 statement on the renewal of the Zengin interbank system. Cumulative issuance passed 10 billion yen in September 2026.

Policy engagement

Registered with the Kanto Local Finance Bureau as a funds transfer service provider in August 2025, then began issuing JPYC on 27 October 2025 as Japan's first yen stablecoin, redeemable 1:1 and backed by deposits and JGBs.

Source: JPYC press release, 27 Oct 2025: JPYC launch

Key actions

  1. Announced that cumulative issuance of JPYC had passed 10 billion yen.

    Source

  2. Closed a Series B extension, bringing Series B funding to about 6 billion yen.

    Source

  3. Began issuing JPYC, Japan's first yen stablecoin under the Payment Services Act, with the JPYC EX issuance and redemption platform.

    Source

  4. Registered as a funds transfer service provider, allowing it to issue a yen stablecoin as an electronic payment instrument.

    Source

  5. Joined JVCEA as a first-class member in its capacity as an electronic payment instrument issuer.

    Source

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