Japan Yen Stablecoin JPYC Circulates Just 3.2 Billion Yen in First Year, With Corporate Adoption Delayed

Japan’s yen-based stablecoin JPYC recorded a smaller-than-expected amount in circulation in its first year after launch.

CoinDesk reported on October 27 that JPYC had about 3.2 billion yen, or roughly $20 million, in circulation as of October 23. Total cumulative issuance reached 12.1 billion yen, but heavy redemptions left the amount actually in circulation far below that figure.

"Honestly, I don’t think we’re growing," JPYC Chief Executive Officer Noritaka Okabe said. He added that while trading volume itself is not bad, he is not satisfied with the current level of circulation.

JPYC circulation briefly rose above 4.2 billion yen after the token was listed in September on South Korean crypto exchange Upbit. Its market price climbed above 1 yen at the time, fueling arbitrage demand. Okabe estimated that about 35 billion yen was traded in a single day across Upbit and Uniswap. Circulation later fell back to around 3 billion yen.

Okabe cited Japan’s money transfer business regulations as a key reason corporate adoption has been slow. JPYC in May eased its issuance cap to 1 million yen per transaction from 1 million yen per day, but repeated transactions over a short period remain restricted.

Software company Asteria plans to hold 1 billion yen worth of JPYC, but is acquiring the tokens in multiple rounds because of those limits, the report said.

JPYC has recently expanded partnerships with logistics company AZ-COM Maruwa, SBJ Bank and Line Next. Japan’s Financial Services Agency is also reviewing stablecoin regulations, with a detailed roadmap projected for early 2027.

Okabe set a goal of increasing JPYC circulation in its second year to the hundreds of billions of yen, roughly 10 times the current level.