LINE NEXT’s Unifi to Support Japan Stablecoin JPYC From May 22

LINE NEXT’s stablecoin wallet service Unifi will add JPYC, a Japanese yen-based stablecoin, as it moves to expand payment, remittance and rewards functions. The company said it plans to use the government-approved digital yen stablecoin to broaden its financial services offering.

Unifi will officially support JPYC on the platform starting May 22, according to a post published on Unifi’s Medium page on May 18. Users will be able to store JPYC within Unifi without installing a separate application. Payment, transfer and rewards features will also be added later.

LINE NEXT launched Unifi in February as a stablecoin-based wallet service. It offers a range of financial services, including yield features tied to stablecoin holdings, along with payments, remittances and rewards.

JPYC is a stablecoin pegged to the Japanese yen, with 1 JPYC fixed at 1 yen. Unlike typical cryptocurrencies, it aims to minimize price volatility for use in real-world payments and transfers.

The JPYC supported by Unifi will be issued on the Kaia Network. Kaia is one of Asia’s large Web3 ecosystems and highlights fast transaction speeds and low fees as key strengths.

To mark the launch, Unifi is holding a "JP X Follower Early Bird Event" with a total reward pool of 80,000 JPYC. The event runs from May 18 to May 21, and rewards are scheduled to be distributed in early July. Participation is limited to users with a Unifi Japan account.

Japan’s push to bring stablecoins into the regulatory mainstream is helping accelerate the expansion of a yen-based digital payments ecosystem, according to the market view cited in the report.

"The introduction of JPYC marks the first step in expanding stablecoin-based fintech services in the Japanese market," Unifi said. It added that it plans to roll out services sequentially, including payments, cross-border remittances and rewards.