Japan's JPYC stablecoin has fallen well short of expectations in its first year, reaching just a quarter of its issuer's circulation target. As of October 23, only 3.2 billion yen (around $20 million) was in circulation. CEO Noritaka Okabe attributed the disappointing results to a 1 million yen per-transaction cap for Type II funds transfer providers, which has slowed corporate adoption. The Financial Services Agency (FSA) is reviewing stablecoin regulations, with a roadmap expected in early 2027.