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MOACT loyalty points convert into JPYC on Polygon
Kansai Electric Power’s MOACT rewards, previously redeemable only for gift certificates, can now be swapped one-to-one into the regulated yen stablecoin JPYC through HashPort Wallets.
Kansai Electric Power’s MOACT rewards app has added an option to convert loyalty points into JPYC, a yen-pegged stablecoin, on Polygon, according to a press release covered by The Defiant. The conversion is handled through HashPort Wallets, where users can connect the stablecoin to DeFi platforms.
The feature is live as of July 30 and allows points tied to NORM, earned by completing social-impact missions in the app, to be swapped into JPYC issued on Polygon. Previously, MOACT points were redeemable only for electronic gift certificates, making the onchain option a new use case for the rewards balance.
JPYC is issued by JPYC Inc. and registered with Japan’s Financial Services Agency as the country’s first regulated yen stablecoin. The release also says the point conversion is structured to avoid falling under Japan’s crypto exchange or electronic payment instrument trading licenses.
Polygon Labs highlighted the launch as part of its Open Money Stack, and The Defiant noted Polygon processes more JPYC volume than all other chains combined, with 84% of JPYC holders using HashPort Wallet. The Defiant also cited prior JPYC integrations, including HashPort’s work bringing Diners Club credit card points into JPYC on June 1 and a JPYC payment pilot with KDDI at Lawson starting July 13.