Kansai Electric Turns Loyalty Points into Onchain Yen

Kansai Electric Power, one of Japan's largest utilities, has launched a new feature in its MOACT app that allows users to convert loyalty points into JPYC, Japan's regulated yen stablecoin. This move is part of a growing trend to integrate legacy loyalty-point economies onchain.

The NORM points earned by completing social-impact missions in the app can now be swapped for JPYC issued on Polygon, which sits in users' own HashPort Wallets and can be connected to DeFi platforms. This feature is structured so it doesn't fall under Japan's crypto exchange or electronic payment instrument trading licenses.

Kansai Electric Power spun up MOACT as a standalone company on July 1, with Yohei Koyama as CEO. The launch adds to a run of JPYC integrations funneling Japan's legacy loyalty-point economy onchain, including Diners Club credit card point conversions into JPYC and an in-store yen-stablecoin payment pilot with KDDI at Lawson convenience stores.

Polygon has been the main venue for this activity, processing more JPYC volume than all other chains combined. HashPort Wallet is used by 84% of JPYC holders, making it a key player in this development.