Japan's top yen stablecoin falls short of its target in a disappointing first year
Summary
Japan’s yen-backed JPYC stablecoin had 3.2 billion yen (about $20 million) in circulation as of Oct. 23, roughly a quarter of its issuer’s target, despite corporate partnerships. CEO Noritaka Okabe said growth has disappointed. Circulation briefly rose above 4.2 billion yen after Upbit listed JPYC, then fell back to around 3 billion yen; trading activity included an estimated 35 billion yen changing hands in one day across Upbit and Uniswap. Japan’s issuance limits have hindered corporate adoption, including a planned 1 billion yen holding by Asteria. Because JPYC’s issuer earns interest on reserves, low circulation also constrains potential income. Okabe aims to increase circulation roughly tenfold in the stablecoin’s second year.
