One year after its launch on October 27, 2025, JPYC has about 3.08 billion yen in circulation, compared with 12.16 billion yen in cumulative issuance, or roughly one quarter of its internal target. The gap is mainly explained by redemptions, while the one-million-yen limit per issuance or redemption transaction continues to hinder professional use. Despite more than 12 partnerships, experiments with Lawson, AZ-COM Maruwa’s partners, and the banking sector have yet to demonstrate mass adoption. In parallel, MUFG, Mizuho, and SMBC are preparing a joint stablecoin under a trust structure, targeting commercial transactions by the end of Japan’s 2026 fiscal year in March 2027.
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