JPY Coin
JPYC
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
JPYC (JPY Coin) is a centralized, Japanese yen-pegged stablecoin issued by JPYC Inc. following its registration as a Funds Transfer Service Provider under Japanese regulations. The project displays strong team credentials, backing from notable institutional investors (such as Circle and Headline), active enterprise integrations, and a clean historical security record with formal smart contract audits. However, the project's overall profile is constrained by minimal decentralized community engagement, high centralization (upgradeable, pausable, and blocklistable smart contracts), very thin on-chain liquidity, and unreconciled supply reporting. Furthermore, JPYC underwent a regulatory migration in October 2025, where the pre-regulation 'v1' contract was deprecated in favor of a compliant contract version, creating versioning ambiguities across aggregators and secondary markets.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About JPY Coin (JPYC)
JPY Coin (JPYC) is a Japanese yen-denominated, fiat-backed stablecoin issued by JPYC Inc. that underwent a contract migration in October 2025, deprecating its original pre-regulation (v1) token in favor of a regulatory-compliant version. Issued on public blockchains including Ethereum, Polygon, Avalanche, and Kaia, JPYC functions as open financial infrastructure designed for business-to-consumer (B2C) payments, business-to-business (B2B) settlements, and corporate treasury management via the JPYC EX mint and redemption platform.
The project operates under Japanese regulatory oversight following JPYC Inc.'s registration as a Funds Transfer Service Provider in August 2025. The company is led by founder Okabe and CFO/CCO Koichi Hirano, backed by institutional investors including Circle, Headline, and i-nest capital. JPYC has engaged in enterprise integrations and institutional collaborations, including a joint study with Mitsubishi UFJ Trust and Progmat, enterprise partnerships with Asteria Corporation and Densan System, and an MOU with Sony Bank.
From a technical and governance perspective, JPYC is fully centralized under Japanese legal frameworks, with no decentralized autonomous organization (DAO) or token-holder voting. The smart contracts incorporate centralized administrative modules that are upgradeable, pausable, and capable of blocklisting addresses. Smart contract audits include a February 2022 report and a CertiK audit, though CertiK assigns the project a Skynet security rating of 59.83 (CCC). Identified risks include thin on-chain secondary market liquidity, periods of trading below yen parity on decentralized exchanges, unreconciled circulating supply figures across market aggregators, and versioning ambiguities arising from the legacy v1 contract deprecation.