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The first year of JPYC ended with a noticeable gap between how much noise there was around the project and how many tokens are actually floating around the market. The issuer expected more, but by the end of the year, only a quarter of the intended target was in turnover. Partnerships were signed, listings appeared, but there was no stable increase in tokens that remain with users and go into calculations.

The head of the company, Noritaka Okabe, in a conversation with NADA NEWS, spoke without embellishment: he does not observe growth. Trading volumes, he said, look "good," but he is not satisfied with the current number of tokens in circulation. For a stablecoin, this is a key indicator — it does not speak about short-term exchange activity, but about whether the asset can linger in wallets and work in payments and corporate transactions.

According to Nikkei, on October 23, there were about 3.2 billion yen in circulation — about $ 20 million, with a total issue of 12.1 billion yen. DeFiLlama gives a close figure — $20.85 million. The slight difference is due to the fact that some of the tokens were redeemed. And this is an important clarification: keeping JPYC in circulation turns out to be more difficult than releasing new batches.

In September, there was a noticeable but short-lived surge. The South Korean exchange Upbit added JPYC to the listing, and the volume in circulation briefly exceeded 4.2 billion yen. The price rose above 1 yen, and traders began issuing new tokens for arbitrage. According to Okabe, at one point the total daily trading volume on Upbit and Uniswap reached about 35 billion yen. But then the volume in circulation sank again, to about 3 billion yen. Activity on the exchanges was high, but it did not lead to a steady increase in the number of JPYC in circulation.

This is directly important for the JPYC business model. The stablecoin is backed by bank deposits and Japanese government bonds, and the issuer receives interest income from these reserves. The fewer funds in circulation, the lower the potential income. So the low volume of circulation affects not only the reputation of the project, but also its economy.

Okabe partly explained the poor results by the daily limit on the issuance of tokens of 1 million yen, which is set according to Japanese rules for type II money transfer operators. In May, JPYC relaxed the restrictions: now the limit of 1 million yen is valid for each individual transaction, rather than for the entire daily issue volume. But frequent repeat transactions are still limited. This creates practical difficulties for the corporate sector. The Asteria software developer, who is going to hold 1 billion yen in JPYC, is forced to increase assets gradually.

The weak performance contrasts with the growing number of JPYC partners. In July, an agreement was signed with the logistics company AZ-COM Maruwa to develop payment solutions for approximately 2,300 of its business partners. Earlier this month, SBJ Bank and LINE NEXT agreed to test the replenishment of wallets for stablecoins through bank accounts, but the project is still in the testing stage. Meanwhile, the Financial Services Agency of Japan is reviewing the rules governing stablecoins; a roadmap on this issue is promised to be presented in early 2027.

Okabe expects that in the second year of JPYC's existence, the volume of circulation will reach 10 billion yen, which is about ten times more than the current one. It's a good plan, especially considering that the first year showed that partnerships and listings alone do not create sustainable demand.