JPY Coin
Stablecoin Profile
JPY Coin (JPYC) is a fiat-backed stablecoin pegged to JPY, with $0 in circulating supply across 3 blockchain networks. Each JPYC is backed by reserves held by the issuer, with parity attested via defillama. The peg has historically held within ±1% on most trading sessions, with reserve composition and attestation cadence the primary inputs to its credit-risk profile.
About JPY Coin (JPYC)
JPYC is a Japanese yen–denominated stablecoin issued by JPYC Inc. on public blockchains under Japanese regulatory licenses.
JPYC is minted by JPYC Inc. after receiving JPY via bank transfer and redeemed through a regulated off-ramp process; issuance and redemption are centrally controlled by the licensed issuer.
Supply History
Peg stability history
JPY Coin (JPYC) is designed to trade at exactly 1.00 JPY, with its peg defended through direct redeemability against off-chain reserves. Spot price currently sits at $0.0062, a -99.376% deviation from the target — well inside the stability band typical for reserve-backed dollar tokens.
How reserve-backed stablecoins defend their peg
Fiat-backed stablecoins maintain their peg through arbitrage: any time the secondary-market price drifts above $1.00, authorised participants mint new tokens by depositing dollars and sell them into the market; any time it drifts below, they buy on the open market and redeem 1:1 for dollars. The peg therefore depends entirely on (a) the reserves actually existing, (b) the issuer honouring redemption requests promptly, and (c) the issuer remaining solvent and unfrozen.
Practical implications for holders
- Counterparty risk is concentrated in the issuer and its banking partners — a banking failure (as in the March 2023 USDC / SVB episode) can cause short-term depegs even when the underlying reserves are sound.
- Reserve attestations are not full audits. Always read the firm name, scope, and date of the latest attestation report before treating the peg as risk-free.
- Redemption rights typically apply only to verified institutional partners, not to retail holders. Retail exposure is exited via secondary markets, where liquidity matters most during stress periods.
- Regulatory action against the issuer (NYDFS orders, OFAC freezes, court-ordered blacklists) can immediately impair specific addresses or even the entire token.
- Mantapex tracks peg deviation in real time from DeFiLlama price feeds, but for high-value holdings cross-check directly on at least one independent venue (CoinGecko, the issuer's own dashboard, or an on-chain DEX).
Peg-stability commentary is based on the mechanism class (reserve-backed) and is provided for educational purposes only — it is not financial advice. Past peg stability is not a guarantee of future performance, and even the highest-quality stablecoins have historically traded outside their target band during banking, regulatory, or liquidity stress.
Contract addresses
JPY Coin (JPYC) is deployed as a token contract on 1 blockchain network below. Always verify the contract address you're interacting with on the relevant block explorer before sending funds — phishing tokens reusing well-known stablecoin tickers are common, especially on newer chains.
| Chain | Contract address | Verify |
|---|---|---|
| Ethereum | 0xe7c3d8c9a439fede00d2600032d5db0be71c3c29 | Explorer |
Contract addresses are sourced from DeFiLlama's stablecoin profile. Some chains (Tron, Solana, Aptos, Sui) use non-EVM address formats. The "Explorer" link opens the official block explorer for the given chain; we do not link out to third-party explorers that may show altered data.
Compare JPY Coin to other fiat-backed stablecoins
Below are the largest fiat-backed stablecoins tracked on Mantapex alongside JPY Coin (JPYC). Comparing supply and chain footprint within the same mechanism class is more meaningful than cross-class comparison, because the underlying peg-defence assumptions are different.
| Stablecoin | Supply | Mechanism | Chains |
|---|---|---|---|
| Tether (USDT) | $184.1B | fiat-backed | 107 |
| USD Coin (USDC) | $79.6B | fiat-backed | 125 |
| World Liberty Financial USD (USD1) | $4.5B | fiat-backed | 8 |
| PayPal USD (PYUSD) | $4.1B | fiat-backed | 7 |
| BlackRock USD (BUIDL) | $2.5B | fiat-backed | 8 |
Peg Stability
Chain Distribution
Resources & data sources
JPY Coin (JPYC) is tracked across major crypto data providers. The links below open JPY Coin (JPYC)'s pages on CoinGecko, CoinMarketCap and DeFiLlama, so you can cross-check supply, market cap, exchange listings and historical price data directly at the source.
Price feed sourced from defillama. Supply, peg and chain-distribution data are aggregated from DeFiLlama's stablecoins dataset, which combines on-chain balances across supported networks. Numbers on this page typically refresh every 10 minutes.
Recent JPY Coin news
Latest reporting from major crypto news outlets covering JPY Coin.
- Bitcoin
Sumitomo Mitsui Trust Partners With Hashport to Turn Card Points into JPYC Stablecoins
The announcement constitutes the first initiative of its kind in Japan, allowing users to exchange their loyalty points received for JPYC, Japan's first onchore yen stablecoin.…
- Coinspress
Japan's JPYC Stablecoin Surges Past $136M, With Polygon Driving Real-World Adoption
Japan's yen-pegged stablecoin JPYC has crossed $136 million in total transaction volume, marking a notable shift in how digital payments are evolving in one of the world's most…
- Bitcoin
Metaplanet Announces Strategic Investment in JPYC Stablecoin Through New Venture Arm
Metaplanet Inc. executes a Letter of Intent to invest up to $2.5 million (JPY 400 million) in JPYC Inc. to bolster Japan's digital settlement infrastructure. Metaplanet Inc.…
- The Block
Metaplanet launches VC and asset management subsidiaries, bets on Japanese stablecoin JPYC
The venture capital arm will deploy 4 billion yen ($25 million) over the next few years to local bitcoin infrastructure firms.
- Crypto Economy
JPYC and Sony Bank Launch Trial for Real‑Time Yen Stablecoin Buys
TL;DR: Sony Bank and JPYC signed a memorandum to study the purchase of yen-denominated stablecoins directly from bank accounts in real time. The JPYC token is backed 1:1 by bank…
- Cointelegraph
Sony Bank and JPYC to test instant yen stablecoin buys from customer accounts
Sony Bank signed an MoU with JPYC to study real-time account transfers on JPYC EX, letting customers buy the yen stablecoin JPYC without manual bank transfers.
- Altcoin Buzz
PAO TECH Launches JPYC DeFi Ecosystem on Morpho
JPYC is Japan's pioneering yen-pegged stablecoin that holds a 1:1 value to the Japanese currency. Coming soon to Morpho's $5 billion lending network, users will lend and borrow…
- Crypto Economy
JPYC and Other Stablecoin Firms Seen as Future Buyers of Japanese Government Bonds
JPYC, Japan's first yen stablecoin issuer, stated its reserves could become a relevant buyer of Japanese Government Bonds. CEO Noritaka Okabe made this announcement after…
Related stablecoins
Stablecoins comparable to JPY Coin by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
Other fiat-backed stablecoins
Stablecoins pegged to JPY
Risk Warning
Stablecoins carry risks including de-pegging, regulatory changes, and counterparty risk. Always diversify and do your own research.