Japan’s top yen stablecoin falls short of its target in a disappointing first year CEO Noritaka Okabe blamed a 1 million yen per-transaction cap for Type II funds transfer providers, which has slowed corporate adoption. – JPYC reached only about a quarter of its circulation…
rget in its first year, with 3.2 billion yen outstanding against 12.1 billion yen issued. – CEO Noritaka Okabe blamed a 1 million yen per-transaction cap for Type II funds transfer providers, which has slowed corporate adoption. – The weak figures contrast with partnerships including AZ-COM Maruwa, SBJ Bank and LINE NEXT, as Okabe targets tenfold growth in year two. Japan’s JPYC stablecoin has fallen well short of expectations in its first year, reaching just a quarter of its issuer’s circulation target despite a string of corporate partnerships. “Frankly, I don’t think it’s growing,” CEO Noritaka Okabe told NADA NEWS in an interview, acknowledging that the yen-backed token had failed to gain the traction the company expected
He said trading volume was “not bad,” but wasn’t satisfied with the amount in circulation. Only 3.2 billion yen (around $20 million) was in circulation as of Oct. 23, compared with cumulative issuance of 12.1 billion yen, Nikkei reported. That data is near the $20.85 million DeFiLlama shows, and reflects tokens that have since been redeemed, underscoring the challenge of keeping JPYC in circulation.
Circulation briefly topped 4.2 billion yen in September after South Korean exchange Upbit listed JPYC. The listing pushed its market price above 1 yen and sent traders rushing to mint new tokens for arbitrage. Okabe estimated that about 35 billion yen changed hands across Upbit and Uniswap in a single day, before circulation fell back to around 3 billion yen.