JPYC launches 1:1 yen stablecoin on Ethereum and Polygon
JPYC has issued a yen stablecoin fully collateralized by bank deposits and government bonds, pegged 1:1 to the yen. The token is live on Ethereum and Polygon networks and is issued and redeemed via the regulated JPYC EX platform under Japan’s AML rules. Users can mint JPYC tokens by depositing yen via bank transfer and redeem them via identity-verified accounts. JPYC targets 10 trillion yen issuance in three years to foster Japan’s digital finance. The yen stablecoin faces competition from Monex, MUFG, SMBC and Mizuho, as Japan’s FSA reviews rules for banks to hold digital assets, potentially boosting liquidity for crypto traders in Asia.
Bullish
This news is bullish for JPYC’s yen stablecoin because launching on Ethereum and Polygon under a regulated framework boosts trading volume and market confidence in the short term. The three-year 10 trillion yen issuance goal and Japan’s FSA review of bank digital asset holdings reinforce long-term adoption prospects. While competition from Monex, MUFG, SMBC and Mizuho may pressure market share, the overall introduction of a compliant yen stablecoin will expand liquidity and trading tools, driving a positive outlook for crypto traders.