Overview
- JPYC EX enforces identity checks and AML rules, letting users mint or redeem via bank transfer to a registered wallet with an initial 1 million yen per-user daily cap.
- The token is live on Ethereum, Polygon and Avalanche, offering instant settlement with no fees for issuance or redemption at launch.
- JPYC targets up to 10 trillion yen in circulation within three years, funding operations through interest on Japanese government bond reserves.
- Bank of Japan Deputy Governor Ryozo Himino cautioned that stablecoins could partly replace bank deposits, signaling continued regulatory scrutiny.
- Mitsubishi UFJ, Sumitomo Mitsui and Mizuho plan a joint yen stablecoin for corporate settlement on Oct. 31 via MUFG’s Progmat platform.