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JPYC stablecoin circulation reaches only a quarter of target in first year
JPYC, Japan's yen‑backed stablecoin, had 3.2 billion yen (about $20 million) in circulation on Oct 23, roughly a quarter of its 12.1 billion yen issuance target. Circulation briefly rose to 4.2 billion yen in September after Upbit listed the token, pushing its price above 1 yen and prompting arbitrage minting. CEO Noritaka Okabe said the 1 million‑yen per‑transaction cap required by Type II funds‑transfer rules has slowed corporate adoption. He said Asteria must acquire JPYC in installments and that partners AZ‑COM Maruwa, SBJ Bank and LINE NEXT are still in trial stages. Okabe aims to raise circulation to tens of billions of yen in year two while the Financial Services Agency reviews stablecoin regulations.