Polygon Set to Bring Japan's Kansai Electric Loyalty Points To JPYC

Kansai Electric Power's rewards subsidiary, MOACT, is giving its customers a new way to put loyalty points to work. Starting July 30, users can convert NORM Points into JPYC, a yen-pegged stablecoin, through the HashPort Wallet on Polygon Chain.

From Utility Bills to DeFi

Once converted, JPYC can be held, spent, or deployed across DeFi platforms, giving everyday consumers a straightforward on-ramp into the broader digital-asset economy. The move follows a wider trend in Japan of linking legacy loyalty schemes to regulated stablecoins. Earlier this year, Sumitomo Mitsui Trust Club partnered with HashPort to let Diners Club and Trust Club cardholders swap reward points for JPYC, a program the two companies described as the first service in Japan to enable direct conversion of card rewards into stablecoins.

JPYC is designed to maintain a 1:1 peg to the Japanese yen and operates on blockchains including Avalanche, Ethereum, and Polygon. The company backs all issued JPYC with 100% reserves held in yen deposits and government bonds, following regulations under Japan's Payment Services Act. In November 2025, JPYC Inc. became the first issuer to receive FSA approval for a yen-pegged stablecoin.

Polygon Leads JPYC Volume Across All Chains

The Kansai Electric integration adds another institutional name to a network that has rapidly emerged as the backbone of Japan's stablecoin economy. Onchain data shows Polygon leading JPYC activity, with more volume than all other chains combined. On the Polygon network, JPYC enables applications such as merchant payments, wallet services, card top-ups, lending markets, and curator-managed treasuries.

JPYC topped $100 million in total onchain payment value on the Polygon network, a milestone reached only eight months after the project's initial take-off, representing a rapid increase in onchain adoption in the region. The stablecoin's reach is also expanding beyond retail. AZ-COM Maruwa Holdings plans to pay around 2,300 contractors and truck drivers using JPYC, representing the token's first large-scale corporate payroll use case, shifting it beyond retail and investment applications.

For Kansai Electric customers, the practical benefit is straightforward: NORM Points that might otherwise sit idle can now be converted into a regulated digital asset, redeemable one-to-one for yen under Japanese law, and usable across a growing network of on-chain services.

Sources:
Polygon: JPYC Is Scaling on Polygon
The Block: Japan's JPYC Launches Country's First Yen-Denominated Stablecoin
Cryptonomist: JPYC Stablecoin Payments Transform Japan Logistics Payroll