Japan's top yen stablecoin JPYC reaches about a quarter of its first-year target, and its CEO says "I don't think it's growing"

JPYC, the yen stablecoin backed by bank deposits and Japanese government bonds, has not grown the way its issuer hoped. CoinDesk reported that circulation was only about a quarter of the company's first-year target, with about 3.2 billion yen in circulation on October 23 according to Nikkei figures. Cumulative issuance stands at 12.1 billion yen, and Crypto Briefing said it passed 10 billion yen around the October 27 anniversary of the launch.

CEO Noritaka Okabe told NADA NEWS, "Frankly, I don't think it's growing," while saying trading volume was acceptable. Circulation briefly topped 4.2 billion yen in September after South Korea's Upbit listed JPYC, then fell back near 3 billion after a burst of arbitrage trading around the listing.

Okabe pointed to a 1 million yen issuance limit under Japan's funds-transfer rules, which he said slows corporate use. Software firm Asteria plans to hold 1 billion yen of JPYC but has to build the balance in installments. Partnerships continue, including a bank-linked wallet trial with SBJ Bank and LINE NEXT. Japan's Financial Services Agency is reviewing stablecoin rules, with a roadmap expected in early 2027, CoinDesk said.