Crypto
Home›Crypto›Stablecoins›Kansai Electric loyalty points convert to JPYC stablec…
Kansai Electric loyalty points convert to JPYC stablecoin on Polygon
JPYC is a yen-pegged stablecoin registered with Japan's Financial Services Agency and is redeemable one-to-one for yen, replacing MOACT's prior gift-certificate-only redemption.
Japan's Kansai Electric Power is expanding its MOACT loyalty program by letting users convert NORM points into JPYC, a yen-pegged stablecoin, on the Polygon blockchain, according to The Defiant.
HashPort said in a press release that the feature, live as of July 30, allows MOACT users to swap points earned through social-impact missions into JPYC held in their own HashPort Wallets, where it can be connected to DeFi platforms. The conversion changes what users can do with their rewards, because until now MOACT points were redeemable only for electronic gift certificates.
The outlet also said JPYC is issued by JPYC Inc. and registered with Japan's Financial Services Agency as the country's first regulated yen-pegged stablecoin. HashPort noted the point conversion is structured so it does not fall under Japan's crypto exchange or electronic payment instrument trading licenses.
Polygon and HashPort pointed to broader distribution for JPYC, saying Polygon has processed more JPYC volume than all other chains combined, and that 84% of JPYC holders use HashPort Wallet. The Defiant added that Kansai Electric launched MOACT as a standalone company on July 1, and sees the program as a way to turn often-expiring loyalty liabilities into an onchain payments onboarding path.