One year after launch, yen-backed stablecoin JPYC has a circulating supply below its issuer’s targets, even though cumulative issuance has exceeded 10 billion yen. CEO Noritaka Okabe identified the 1 million yen per-transaction cap as the main obstacle, particularly for business payments. JPYC is relying on partnerships with AZ-COM Maruwa, SBJ Bank and LINE NEXT, as well as acceptance by more than 150 merchants, to drive growth. The token operates on four blockchains, is backed by yen deposits and Japanese government bonds, and can be redeemed for yen at par through the JPYC EX platform.
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