Kansai Electric Loyalty Points Converted to JPYC on Polygon

Users of the MOACT rewards app, operated by Kansai Electric Power's subsidiary, can now convert loyalty points into JPYC, a yen stablecoin, on Polygon. This feature, launched on July 30, allows users to swap NORM points earned through social-impact missions in the app into JPYC, which is stored in HashPort Wallets and can be used on DeFi platforms. Previously, MOACT points could only be redeemed for electronic gift certificates. JPYC, issued by JPYC Inc. and regulated by Japan's Financial Services Agency, can be redeemed one-to-one for yen under the Payment Services Act. Kansai Electric, a major utility in Japan, established MOACT as a standalone company on July 1, with Yohei Koyama as CEO. The point conversion is designed to avoid Japan's crypto exchange and electronic payment instrument trading licenses. Polygon Labs highlighted the launch, stating that it enables one of Japan's largest utility companies to turn loyalty points into onchain payments. The integration of JPYC into Japan's loyalty-point economy continues, following HashPort's earlier conversion of Diners Club credit card points into JPYC and a payment pilot with KDDI at Lawson stores. Polygon processes more JPYC volume than all other chains combined, with 84% of JPYC holders using HashPort Wallet.