A first for Japan! Donations to children’s soup kitchens via JPYC begin in Nagano Prefecture
The Japanese yen-pegged stablecoin ‘JPYC’ has been adopted as a means of accepting donations for the children’s canteen ‘cơm café’ in Komagane City, Nagano Prefecture. This marks the first instance in which a Japanese yen-pegged stablecoin has been adopted as a means of accepting donations for a children’s canteen
JPYC is exchangeable at a 1:1 ratio with the Japanese yen, and to guarantee its value, underlying assets such as deposits and government bonds are strictly safeguarded. Furthermore, the issuer, JPYC Co., Ltd., is the first domestic money transfer operator to issue a Japanese yen-pegged stablecoin, and it supports multiple major public blockchains including Avalanche, Ethereum, Polygon and Kaia.
Utilising cryptocurrencies, blockchain technology and stablecoins for donation payments offers numerous benefits in addressing real-world challenges. Firstly, as all transaction histories are recorded on the blockchain in a tamper-proof manner, the transparency regarding the use of donations is significantly enhanced. Secondly, as transfer costs are significantly lower than with traditional bank transfers, donors’ goodwill reaches the recipients directly without being eroded by fees. Furthermore, instant transfers are possible 24 hours a day, 365 days a year, and even very small donations, such as amounts as low as one yen, can be made without worrying about fees, significantly lowering the barrier to giving.
Looking to the future, it is expected that these technologies will extend beyond the realm of donations to become part of next-generation financial infrastructure, finding application in various aspects of daily life. This includes integration with on-chain services utilising smart contracts, the payment of salaries and remuneration, and mechanisms allowing stablecoins to be withdrawn directly as cash via ATMs. At the same time, there is no doubt that this represents a crucial step in embracing the new concept of stablecoins for accepting donations to children’s canteens, not only in Japan but across the globe.
Sauce：[Japan’s First (※1)] The Japanese yen-pegged stablecoin ‘JPYC’ has been adopted for donation payments at the ‘cơm (Com) Café’ children’s canteen in Komagane City, Nagano Prefecture – JPYC Co., Ltd. https://prtimes.jp/main/html/rd/p/000000322.000054018.html
