JPYC Stablecoin Circulation Tops ¥2B, But USDC Liquidity Remains a Bottleneck

JPYC, a yen-based stablecoin, has reached a significant milestone, surpassing ¥2 billion in circulation. This growing interest in yen-based decentralized finance (DeFi) is a positive sign for the ecosystem. However, analysts note that liquidity in the JPYC/USDC trading pool remains limited at around $275,000.

This shallow liquidity restricts larger transactions and cross-market opportunities, hindering JPYC's potential as a bridge between yen liquidity and global DeFi markets. To unlock more substantial swaps, lending, and vault activities, analysts suggest increasing liquidity to $3-5 million or more.