DeFi· ★★★· neutral·

Japan's JPYC marks first year with 10B yen issued but circulation far below target

  • —Cumulative JPYC issuance topped 10 billion yen; circulation is above 3 billion yen
  • —Usage reached only about 25% of the company's internal target
  • —A 1 million yen cap on issuance and redemption limits growth, and JPYC wants it eased
  • —On its Upbit listing day, JPYC and Uniswap volume hit about 35 billion yen
Why it matters: JPYC shows regulation, not demand, is holding back non-dollar stablecoins; loosening the caps could open the market.
#JPYC
Source: CoinDesk Japan
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