Japan’s Financial Services Agency classified JPYC, described in the source as the country’s first yen stablecoin issuer, as a funds transfer provider. The designation places JPYC under the same legal framework as payment services such as PayPay and Rakuten Pay and adds a requirement to preserve more than 100% of user prepaid assets. The update shows that a yen-linked stablecoin-related issuer is being handled within Japan’s existing payment regulation structure rather than under a separate bespoke framework.