JPYC stablecoin reaches only 26% of target circulation in first year, CEO cites 1 million yen per-transaction cap

JPYC's circulation reached 3.2 billion yen as of Oct. 23, far below the 12.1 billion yen issued, achieving just 26% of its first-year target. CEO Noritaka Okabe attributes the slow adoption to a 1 million yen per-transaction cap for Type II funds transfer providers, which has frustrated corporate partners. Despite partnerships with firms like AZ-COM Maruwa, SBJ Bank and LINE NEXT, and a brief circulation spike after South Korean exchange Upbit listing, JPYC's business model reliant on interest from reserves faces headwinds with limited circulating supply.