Japan’s JPYC Stablecoin Supply Tops 2.8 Billion Yen

JPYC, Japan’s first stablecoin, has surpassed 2.8 billion yen in total circulating supply.

Japanese digital-asset outlet NADA News reported on August 18 that JPYC marked the first anniversary of obtaining registration as a funds transfer service provider under Article 37 of Japan’s Payment Services Act.

JPYC’s circulation has grown rapidly this year. On-chain data platform JPYC info showed its total circulating supply stood at about 2.83 billion yen as of August 18.

JPYC surpassed 1 billion yen in circulating supply on June 26. Less than two months later, that figure had risen to nearly three times that level.

The token is currently issued on four blockchains: Kaia (KAIA), Polygon (POL), Ethereum (ETH) and Avalanche (AVAX).