Long-established Japanese departmental store Matsuya Ginza has started accepting stablecoin JPY Coin – backed by Japanese fiat Yen – in partnership with JPYC, the issuer of JPYC coin.
JPY Coin, which is minted on Polygon (Matic network) and xDai, will not be treated as a crypto payment. Instead, it would be used as a prepaid payment method under the Funds Settlement Law of Japan.
Meanwhile, users can purchase via a method called proxy-buying. It is a system where holders of the stablecoin can apply for purchased products to JPYC, and JPYC will purchase the product from Matsuya Ginza on behalf of the company and sell it to buyers.
Users will need to select products at the target sales floor in Matsuya Ginza, fill in the reserve slip, and send JPY Coin equivalent to the total amount of purchase to JPYC on the same day. Following this process, users can receive the product from the departmental store as well as get it home delivered.
This is the first time JPYC will be used in a physical store. The service is likely a pilot program, which will be available from December 6, 2021, to November 30, 2022.
Founded in 2019, JPYC issues the Japanese yen-linked stablecoin JPYC (JPY Coin) as the country’s first ERC20 self-paid prepaid payment method. The company recently secured ¥500 million ($4.4 million) in a Series A funding round which saw participation from Circle’s new fund “Circle Ventures”. Circle is the issuer of dollar-backed stablecoin USD Coin (USDC).