JPYC, Japan’s first regulated yen-pegged stablecoin, has seen its market cap climb roughly 59.5% over the past month, with Token Terminal reporting an even steeper 132.8% increase specifically on the Polygon blockchain. The token is backed by domestic yen deposits and Japanese government bonds. Japan’s quiet stablecoin revolutionJPYC’s market cap across various analytics platforms currently shows figures between $17 million and $53 million, depending on which chains and metrics are being tracked. JPYC’s relatively small market cap means liquidity could be thin during periods of stress. And the yen itself has been volatile against the dollar in recent years, which creates hedging considerations for international investors even though JPYC maintains its yen peg.