JPYC, which handles prepaid stable coins, collaborates with Mitsubishi UFJ Trust and Banking and Progmat — aiming to issue JPYC (trust type) | CoinDesk JAPAN

Mitsubishi UFJ Trust and Banking, Progmat, and JPYC announced on November 28th that they have begun a joint study toward the issuance of a stable coin “JPYC (trust type)” that complies with the revised Payment Services Act. The “Progmat Coin” platform will be used to issue and manage stable coins.

JPYC develops and operates a prepaid Japanese yen stable coin “JPYC” that is issued and distributed on a public blockchain. Issuance began in January 2021, and the cumulative amount issued exceeded 2.3 billion yen in November 2023. According to the release, the joint study will consider issuing the Japanese Yen stablecoin “JPYC (trust type)”, which falls under the electronic payment method under the revised Payment Services Act, as one of the stablecoins using the “Progmat Coin” platform. He says he aims to do so.

Currently, JPYC is issued as a prepaid payment method under the Payment Services Act, and as a general rule, refunds in cash are prohibited. JPYC (trust type), which falls under the electronic payment method, allows cash refunds.

In addition, JPYC has acquired a license for the electronic payment method transaction business, and by collaborating with Progmat, we will become an intermediary that handles various domestically produced stable coins issued using the “Progmat Coin” platform. The aim is to enable mutual exchange between domestically produced stablecoins and with overseas stablecoins, and to create an environment where users can smoothly use a variety of domestic and foreign stablecoins.

Issuance is targeted for around the summer of 2024, taking into consideration the period required to obtain JPYC’s license.

｜Text/Editing: CoinDesk JAPAN Editorial Department
｜Image: From the release