Prepayment Method Type Stablecoin JPYC Sales Surpass 100 Million Yen in 7 Months Since Issuance — A Review of JPYC to Date and Future
JPYC Corporation (Minato-ku, Tokyo; President: Noritaka Okabe), which handles JPYC, a Japanese yen-linked staple coin that can be used as a prepaid means of payment, is pleased to announce that JPYC sales reached 100 million yen in August 2021. JPYC (JPY Coin) is a Japanese yen staple coin that can be used at JPYC Apps (https ://app.jpyc.jp/) at a rate of 1JPYC=1JPY. JPYC can be purchased and used by anyone regardless of age.
Previous JPYC (Overview)
- Started selling JPYC on Ethereum network in January 2021
- Start selling JPYC on multiple blockchain networks (Ethereum, Polygon, xDai)
- Increased use of Polygon JPYC with low fees due to rising fees on Ethereum network
- Direct purchase of JPYC on Polygon, which is useful for creating NFTs on Polygon with low fees (currently not available on existing domestic crypto exchanges)
- Expanded use of JPYC (exchange function for V-Preca gifts, throwing money in blogs, use in crowdfunding)
- By depositing with the Legal Affairs Bureau a deposit for the issuance of JPYC that is more than double the amount required to be deposited by issuers of prepaid means of payment under the Funds Settlement Law, we have been able to provide users of JPYC with a sense of security.
- In June, JPYC joined the Japan Payment Service Association as a Type 1 member, strengthening the issuer’s credibility.
- Transitioned to a company with an audit committee by inviting executives and lawyers who have been at the forefront of the blockchain industry to serve as outside directors.
- Expanded recognition in the global market through JPYC listings on Crypto Asset Information Site “Coingecko” and “Coin Market Cap
Previous JPYC (detailed version)
- On January 27, 2021, we started selling JPYC on the Ethereum network.
- In 2021, while the NFT market was rapidly gaining momentum, especially overseas, the rising cost of the Ethereum network, which is necessary for NFT business, became an issue. We focused on sidechains such as Polygon network and Layer2 as a means to solve this problem, and started selling JPYC on Polygon (Matic) and xDai network in March 2021, in addition to Ethereum in March 2021.
- The Polygon network has been widely used among NFT-related businesses in Japan to create NFTs that fuse the physical and virtual. The Polygon network has been widely utilized among NFT-related businesses in Japan, and the network has contributed greatly to the spread of NFT in Japan, such as the “Crypto Art Week Asia in Tokyo” NFT art festival that combines the physical and virtual worlds.
- In June 2021, JPYC can now be exchanged equivalently for V-Preca Gift, a Visa prepaid card exclusively for the Internet that can be used worldwide. The use of JPYC has exploded due in part to the fact that it is now possible to obtain V-Preca Gift at a lower price than through normal channels such as convenience stores.
In June 2021, JPYC was used in the donation function of HiÐΞ (https://hide.ac/), a distributed blog developed by our partner, Warashibe (total amount of JPYC exceeded 1.1 million), and is also used by many people in the additionally implemented crowdfunding function. In addition, many people are using it for the crowdfunding function that has been added.
- Under the Law on Settlement of Funds, issuers of prepaid means of payment are obliged to deposit 50% of the unused balance of the prepaid means of payment with the Tokyo Legal Affairs Bureau as a guarantee of issuance. We have deposited 100% of the unused balance (200% of the legal amount) plus 10 million yen with the Tokyo Legal Affairs Bureau, far exceeding the deposit obligation, in order to stabilize the secondary distribution price of JPYC and to provide users with peace of mind.
- In June 2021, we joined the Japan Payment Service Association as a Type 1 member in order to promote self-regulation and other initiatives for the sound development of the prepaid means of payment issuing business and the protection of users. We are currently the only issuer of stabled coins as a means of prepaid payment in Japan that is a member of the Japan Fund Settlement Services Association.
- In August 2021, JPYC transitioned to a company with an audit committee by inviting Kimihiro Mine (former Representative Director of bitFlyer Holdings Inc. and formerChairman of JVCEA（Japan Virtual and Crypto assets Exchange Association）), Masafumi Masuda (former Specialist in Market Division, Planning and Market Department, Financial Services Agency), and Yosuke Yuzuki (former Representative Director of Furesetsu Co., Ltd.) as outside directors in order to achieve faster decision-making and sustainable enhancement of corporate value.
- JPYC was listed on Coingecko and Coin Market Cap, two of the leading Crypto Asset information sites used globally. As a result, the recognition of JPYC in the global market has expanded rapidly.
- Translated with www.DeepL.com/Translator (free version)
Outlook of JPYC
- Start of hometown tax payment business
- Expansion of exchange destinations and use cases for JPYC, a prepaid means of payment
- Registration as a third party prepaid means of payment enables other businesses to use JPYC for settlement.
- Study of the use of JPYC in the NFT market
- Promotion of alliances with domestic and overseas businesses, local governments and public offices
- Multi-chain support for JPYC (considering issuing JPYC on Ethereum Layer2 and other chains)
- Promote alliances with global blockchain projects
Comments from Noritaka Okabe, President of JPYC Co.
JPYC will continue to work on the registration of third-party prepaid payment methods and tax payment. In the future, we would like to help “break through the social dilemma” by realizing 0% commission payment for all merchants. Thank you very much for your continued support.
About the Japanese Yen Stablecoin “JPYC”
- Not a crypto asset under Japanese law, but a home-based prepaid means of payment as defined by the Funds Settlement Law
- Can be purchased by anyone regardless of age
- Can be purchased in Japanese yen/ETH
- Purchase units can be selected from 10,000 yen in Japanese yen.
- Available on the official JPYC Apps website at 1JPYC=1JPY
- JPYC official URL: https://jpyc.jp
- JPYC Apps (purchase/use) URL: https://app.jpyc.jp/
- Official Twitter account: https://twitter.com/jpy_coin