What is JPYC
JPYC (JPYCoin) is the first Japanese-yen stable coin that takes advantage of blockchain technology (ERC20). It is operated in the main net of Ethereum and always available in the transaction for 1 JPYC as 1 yen. We can use it as a Yen-denominated coin in our wallet such as Metamask and secondary markets such as Uniswap.
What is the purpose of JPYC?
JPYC, a Japanese stable coin, provides payment methods in transactions in cryptocurrency markets where the large price fluctuations block our way to buy and sell goods. It also gives us some choices to deal with the risk of user’s exchange fluctuations in cryptocurrency.
The mechanism of JPYC keeping the price
When the price of 1 JPYC is continuously under 1 Yen on average for a long time at decentralized exchanges like Uniswap, the issuer tries to increase the secondary distribution price by depositing to the Legal Affairs Bureau more than the amount required by the Payment Services Act, more than 50% of Unused Base Date Balance, or receiving a financial institution guarantee as required by the law. At the moment, we deposit 200% of the amount under the law and 10 million Yen to the authority. Once the deposit sum is increased, we will notice after the deposit via our website or other media. Thereby, if we should go bankrupt, bankruptcy remoteness is still effective, which is why we think we can protect the rights of JPYC users, but we cannot guarantee the principal.
When the secondary distribution price of 1 JPYC is over 1 Yen, we believe the price will be stable approaching 1 Yen by our continuous selling at a ratio of 1 JPYC to 1 Yen. Besides, regardless of above when the average price of the secondary distribution has been over 1 Yen for a long time and we deposited over the amount required by the Payment Services Act (hereinafter referred to as excessive deposit, including financial institution guarantee), in order to prevent the decrease in capital efficiency due the excessive deposit, the portion of the deposit might be withdrawn, the amount determined by us that the average secondary market price is not less than 1 Yen within a range of 30% or less.
Contract Address of JPYC
Contract Address: 0x2370f9d504c7a6e775bf6e14b3f12846b594cd53
Where Can I See The White Paper of JPYC?
https://jpyc.jp/white-paper-en.pdf
Where Can I Buy JPYC?
In Japan, you can get 1 JPYC for 1 Yen on the official Website (https://jpyc.jp/buy) anytime. Now, JPYC has increased on Uniswap since several tokens and liquidity are provided.
JPYC-ETH Pair ：https://info.uniswap.org/pair/0x7820fa98cca35142992eadf8a3c5044e1a82ac34
JPYC-USDC Pair ：https://info.uniswap.org/pair/0x3659587cb6822c9dd8b270ce501d0d71750bcde7
Who Made JPYC?
Japan Crypto Asset Market, inc.
It is made by Japan Crypto Asset Market, inc, a fintech company. Discussing with the Financial Services Agency, JPYC is issued based on Japanese law. You can see our development team and advisers from here.
Is JPYC Secure?
- Information release on GitHub (https://github.com/jpycoin)
- JPYC is deposited by Legal Affairs Bureau based on domestic law
- The result of insurance contract TECHFUND
JPYC Official Website : https://jpyc.jp/
JPYC Twitter: https://twitter.com/jpy_coin
Contact Us : https://jpyc.jp/#contact
