Kansai Electric Power, one of Japan's largest utilities, launched an on-chain point conversion system for its MOACT rewards app users. The feature, live as of July 30, allows NORM loyalty points to be converted into JPYC, a yen-pegged stablecoin, on Polygon.
HashPort announced the integration Thursday. Users earn NORM points by completing social-impact missions within the MOACT app, engaging with municipalities and companies on social causes. Those points now swap directly into JPYC within HashPort Wallets.
Until this integration, MOACT points were redeemable only for electronic gift certificates. The new system converts a closed-loop Web2 rewards balance into an on-chain asset, connectable with DeFi platforms.
JPYC Inc. issues the stablecoin, registered with Japan's Financial Services Agency. It operates as the country's first regulated yen-pegged stablecoin, redeeming one-to-one for yen as an electronic payment instrument under Japan's Payment Services Act.
HashPort structured the point conversion to avoid falling under Japan's existing crypto exchange or electronic payment instrument trading licenses, enabling broader on-chain adoption without requiring new specialized licenses for the utility.
For Kansai Electric, the move addresses a common liability: loyalty points that expire unused. The conversion mechanism creates a gateway product, onboarding utility customers into the on-chain payments ecosystem.
Polygon Labs said JPYC is a key component for stablecoin payments on its Open Money Stack. The network currently processes more JPYC volume than all other chains combined.
HashPort Wallet holds a dominant position in the JPYC ecosystem, with 84 percent of JPYC holders on its platform.
Cumulative JPYC transfers have surpassed $265 million across the ecosystem. The Kansai Electric integration adds to a series of JPYC initiatives aimed at moving Japan's legacy loyalty-point economy on-chain.
HashPort previously enabled Diners Club credit card point conversions into JPYC on June 1, a first for a Japanese credit card. The company also ran an in-store yen-stablecoin payment pilot with KDDI at Lawson convenience stores starting July 13.
Kansai Electric, which supplies power to the Osaka region, spun up MOACT as a standalone company on July 1. Yohei Koyama serves as CEO of the new entity.
Polygon's native token, POL, traded at $0.071, little changed over the past 24 hours, per CoinGecko.
