JPY Coin price

JPYC

#4593

First of all, there was no convenient Japanese yen stable coin in the market before JPYC came into existence. JPYC is a project for Japanese users to get in and out of the cryptocurrency world.

The reason why Japanese stable coin was there is because Japanese laws and regulations make it hard to issue any kind of Japanese yen stable coin. We have invented this way to issue a stable coin as a prepaid payment method.

JPYC is a centralized Japanese yen stable coin project just like USDC and USDT in the dollar stable coin field. And JPYC.Inc is fully complied with Japanese law and invested by some famous venture capitals, including Circle Ventures.

JPYC is also backed by Japanese yen according to Japanese Fund Settlement Law.

The smart contracts of JPYC were audited. These are the audit reports.

You can buy JPYC at JPYC Apps on our website.And also you can use JPYC to get a Visa prepaid card,etc to do the payments in real life.

You can also buy or provide liquidity using JPYC through DEXes, e.g. uniswap, quickswap, curve, etc.

JPY Coin (JPYC) stands out as a stablecoin pegged to the Japanese Yen, designed to facilitate seamless transactions within Japan's regulatory framework. Launched in January 2021, JPYC has quickly become a significant player in the stablecoin market, particularly for Japanese users navigating the cryptocurrency landscape.

JPYC operates on the Ethereum blockchain as an ERC20 token, allowing for minting by multiple entities, pausing activities, freezing addresses, and rescuing tokens. The UUPS proxy pattern ensures the contract can be upgraded to fix bugs or add features, enhancing its robustness and adaptability. This stablecoin protocol is an evolution of the previous JPYC protocol, incorporating new smart contracts to improve functionality.

The founder and CEO, Noritaka Okabe, has been an entrepreneur for over two decades, bringing substantial experience to the project. JPYC is unique because it addresses the lack of a convenient Japanese Yen stablecoin, overcoming regulatory challenges by being classified as a Prepaid Payment Instrument in Japan. This classification allows it to operate within the stringent Japanese legal environment.

JPYC's network security is bolstered by compliance with Japanese law and backing by Japanese Yen, as per the Japanese Fund Settlement Law. The smart contracts have undergone audits to ensure security and reliability. JPYC is available for purchase on various decentralized exchanges (DEXes) like Uniswap, Quickswap, and Curve, and can also be used to obtain Visa prepaid cards for real-world payments.

The technology behind JPY Coin (JPYC) is rooted in the ERC-20 token protocol, which operates on the Ethereum blockchain. This foundation ensures compatibility with most leading ERC-20 wallets, making it straightforward for users to store and transact JPYC. The ERC-20 standard is widely recognized for its robustness and flexibility, allowing for seamless integration with various decentralized applications (dApps) and exchanges.

One of the key features of JPYC's technology is its ability to mint tokens by multiple entities. This decentralization of token creation helps in maintaining a stable supply and demand balance. Additionally, the protocol includes functionalities such as pausing all activity and freezing individual addresses. These features are crucial for maintaining security and compliance, especially in scenarios where private keys might be compromised or to adhere to local regulations.

The JPYC protocol also employs the UUPS (Universal Upgradeable Proxy Standard) proxy pattern to upgrade the contract. This means that the smart contract can be updated without disrupting the existing token ecosystem, ensuring that improvements and security patches can be implemented smoothly. The roles of pauser and blocklister are integral to this system, providing control over certain functionalities to prevent misuse and ensure regulatory compliance.

Security on the Ethereum blockchain is a significant aspect of JPYC's technology. Ethereum uses a proof-of-stake (PoS) consensus mechanism, which is designed to be energy-efficient and secure. Validators are chosen to create new blocks and confirm transactions based on the number of tokens they hold and are willing to "stake" as collateral. This reduces the risk of attacks, as bad actors would need to control a significant portion of the total staked tokens to influence the network maliciously.

Furthermore, JPYC is a stablecoin pegged to the Japanese Yen at a 1:1 ratio, classified as a Prepaid Payment Instrument in Japan. This legal framework ensures that JPYC is backed by actual yen reserves, providing stability and trust for users. The smart contracts governing JPYC have undergone thorough audits, adding an additional layer of security and transparency.

The Ethereum blockchain's decentralized nature also plays a crucial role in preventing attacks. By distributing the ledger across numerous nodes worldwide, it becomes exceedingly difficult for any single entity to alter transaction data or disrupt the network. This decentralization, combined with cryptographic techniques, ensures that transactions are secure and immutable.

In terms of usability, JPYC can be used to obtain Visa prepaid cards, allowing users to make real-world payments. This integration of blockchain technology with traditional financial systems exemplifies the practical applications of JPYC. Users can also engage in decentralized finance (DeFi) activities, such as providing liquidity on platforms like Uniswap, Quickswap, and Curve, further enhancing the utility of JPYC in the crypto ecosystem.

The technology behind JPYC is designed to be both secure and flexible, accommodating the needs of users while adhering to regulatory standards. By leveraging the strengths of the Ethereum blockchain and incorporating advanced features like the UUPS proxy pattern, JPYC ensures a robust and adaptable platform for digital transactions.

JPY Coin (JPYC) is a Japanese Yen stablecoin designed to maintain a 1:1 peg with the Japanese Yen. It serves several real-world applications, making it a versatile tool in the digital economy. One of its primary uses is in digital payments, both online and in physical stores. This makes it a convenient option for consumers and businesses looking to transact in a stable currency without the volatility typically associated with cryptocurrencies.

In the entertainment sector, JPYC can be used for purchasing digital content, such as games, movies, and music. This allows for seamless transactions in a stable currency, enhancing the user experience. Retailers, both online and offline, can also accept JPYC, providing customers with an additional payment method that is both secure and efficient.

JPYC is also utilized in the world of decentralized finance (DeFi). It can be traded as a forex pair on decentralized exchanges, offering liquidity and trading opportunities for those looking to engage in currency trading without the need for traditional financial intermediaries. This opens up new avenues for investors and traders who prefer dealing in stable assets.

The stablecoin protocol of JPYC includes features such as the ability to mint tokens by multiple entities, pause all activity, freeze individual addresses, and rescue tokens. These functionalities are crucial for maintaining security and compliance, especially in cases of compromised private keys or critical bugs. The UUPS proxy pattern allows for contract upgrades, ensuring the system remains up-to-date and secure.

JPYC is compliant with local regulations, which means it can freeze addresses involved in criminal activity. This regulatory compliance adds an extra layer of security and trust, making it a reliable option for users. Roles such as pauser and blocklister are in place to control functionality in specific circumstances, further enhancing the security and integrity of the system.

In summary, JPYC offers a stable and versatile option for digital payments, entertainment purchases, retail transactions, and decentralized finance activities. Its robust protocol and regulatory compliance make it a secure and reliable choice for a wide range of applications.

JPY Coin (JPYC) emerged as a significant player in the stablecoin market, particularly within Japan. Launched in January 2021, JPYC is pegged to the Japanese Yen at a 1:1 ratio, making it a stablecoin designed to facilitate seamless transactions in the cryptocurrency world while adhering to Japanese regulations.

One of the pivotal moments for JPYC was its initial deployment, which included the launch of the JPYC protocol. This deployment introduced new smart contracts, enhancing the functionality and security of the stablecoin. The protocol update also incorporated new roles such as pauser and blocklister, which are critical for maintaining the integrity and operational control of the network. These developments are documented on the GitHub page for JPYCv2.

In the months following its launch, JPYC saw rapid growth, achieving a multi-million dollar issuance within half a year. This swift expansion underscored the demand for a stablecoin that could operate within the stringent regulatory framework of Japan. The legal classification of JPYC as a Prepaid Payment Instrument in Japan further solidified its position in the market, providing users with a reliable and compliant means of engaging with digital assets.

The founder and CEO, Noritaka Okabe, played a crucial role in navigating the complex regulatory landscape to bring JPYC to fruition. His entrepreneurial experience, spanning over two decades, was instrumental in addressing the challenges associated with issuing a Japanese Yen stablecoin.

In May 2022, JPYC reported approximately 350 million coins in circulation, reflecting its growing adoption and utility. The transition from version 1 to version 2 of JPYC marked another significant milestone, aimed at improving the coin's functionality and user experience.

Partnerships and collaborations have also been key to JPYC's development. Notably, JPYC Inc. completed a 500 million yen Series A funding round, with investments from prominent venture capitals, including Circle Ventures and Headline Asia. This funding round was a testament to the confidence investors had in JPYC's potential and its compliance with Japanese law.

JPYC's participation in various conferences and industry events has further elevated its profile within the cryptocurrency community. These engagements have provided platforms to showcase JPYC's unique approach to stablecoin issuance and its commitment to regulatory compliance.

The security of the JPYC network is another critical aspect. The smart contracts underpinning JPYC have undergone thorough audits to ensure their robustness and security. These audit reports are publicly accessible, providing transparency and building trust among users and stakeholders.

JPYC's integration with decentralized exchanges (DEXes) such as Uniswap, Quickswap, and Curve has expanded its accessibility, allowing users to buy or provide liquidity using JPYC. This integration has facilitated broader adoption and usage of JPYC in various financial activities, including obtaining Visa prepaid cards for real-life payments.

The continuous development and strategic initiatives undertaken by JPYC underscore its commitment to providing a stable and compliant digital currency solution within the Japanese market.