HashPort says the feature lets users move NORM loyalty points into the regulated yen stablecoin, extending Japan’s push to bring legacy rewards balances onchain.
Kansai Electric Power’s rewards app MOACT now lets users convert NORM loyalty points into JPYC on Polygon, with the feature going live on July 30 through HashPort Wallet. The change turns points previously limited to electronic gift certificate redemptions into an onchain asset that can connect to DeFi (blockchain-based financial services) platforms. HashPort said the structure is designed so the conversion does not fall under Japan’s crypto exchange or electronic payment instrument trading licenses. JPYC, issued by JPYC Inc. and registered with the Financial Services Agency (Japan financial regulator), redeems one-to-one for yen as an electronic payment instrument under the Payment Services Act. The launch follows other JPYC integrations, including Diners Club credit card point conversions that began June 1 and an in-store yen-stablecoin payment pilot with KDDI at Lawson convenience stores starting July 13. Polygon said it handles more JPYC volume than all other chains combined, while HashPort said 84% of JPYC holders use HashPort Wallet.