TokyoOnly 3.2 billion yen of JPYC circulates, a quarter of target.

Its issuer earns interest on the reserves backing each token, so less circulation means less income.

Holders have redeemed most of the 12.1 billion yen issued, and a 1 million yen per-request cap slows corporate buyers.

JPYC chief executive Noritaka Okabe said “Frankly, I don’t think it’s growing.”

Okabe wants tenfold growth in year two, and a Japan Financial Services Agency stablecoin roadmap is expected in early 2027.

How each outlet framed it
CoinDesk leans critical
reports the JPYC shortfall through Okabe's own admission and Nikkei's circulation figures, tracing a Upbit-driven spike that reversed

Sources: CoinDesk