Emiswap Lists First Japanese Yen Stablecoin (JPYC) after Shiden Integration
Dear ESW Community,
We’re excited to announce the listing of the Japanese Yen stablecoin (JPYC) on Emiswap Shiden. JPYC will join DEX in its journey to become the leading multi-chain JPY stablecoin. We will soon be launching liquidity mining for JPYC/SDN and plan to launch ESW/JPYC High APR Farming Pool in the future!
What is JPYC?
In Japan, JPYC (JPY Coin) is the first Japanese-yen stable coin that uses blockchain technology, specifically Ethereum, and is always available in transactions for 1 JPYC or 1 yen. JPYC (JPY Coin) is a prepaid Japanese Yen stablecoin that utilizes Ethereum, Polygon, xDai, and Shiden blockchains. Since it is a token that anyone can manage with a wallet such as MetaMask, it is also used as a coin denominated in Japanese yen in the secondary market. It is used with JPYC Apps for 1 JPYC = 1 Yen. In 2022, they will launch JPYC v2 and deploy it on multiple chains, such as Astar, Solana, and more. So far, they’ve issued $5 million in JPYC. Other milestones will be issuing $10, $20, and $30 million by the end of 2022.
Legal arrangement of JPYC (JPY Coin)
A JPYC is a currency-denominated asset that can always be purchased and used for 1 JPYC = 1 yen. It is a “Prepaid Payment Instruments for Own Business” under the Funds Settlement Law.
What is the purpose of JPYC?
The stable Japanese coin JPYC provides payment methods in cryptocurrency markets where hefty price fluctuations obstruct the user’s ability to buy and sell goods and give a choice when dealing with the risks of cryptocurrency. At the same time, it can also be utilized in the blockchain world.
The mechanism that maintains JPYC price
When the price of 1 JPYC is continuously under 1 Yen on average for a long time at decentralized exchanges like Uniswap, the issuer tries to increase the secondary distribution price by depositing to the Legal Affairs Bureau more than the amount required by the Payment Services Act. On the other hand, Users can consume 1 JPYC in real life as 1 Yen if JPYC is continuously under 1 Yen. This accelerates the arbitrage to pull the price of JPYC back to 1 Yen. It plays an important role in stabilizing the value of JPYC.