Polygon Turns Kansai Electric Loyalty Points Into JPYC Spending

Users of MOACT, the rewards app run by a wholly owned subsidiary of Japanese utility Kansai Electric Power, can now convert their loyalty points into JPYC, the yen stablecoin, on Polygon, wallet developer HashPort said in a press release published Thursday.

The feature, live as of July 30, lets users swap NORM points — earned by completing social-impact "missions" in the app, such as engaging with companies and municipalities working on social causes — into JPYC issued on Polygon. The stablecoin sits in users' own HashPort Wallets and can be connected to DeFi platforms, turning a closed-loop Web2 rewards balance into an onchain asset.

Until now, MOACT points were redeemable only for electronic gift certificates. JPYC, issued by JPYC Inc. and registered with Japan's Financial Services Agency as the country's first regulated yen-pegged stablecoin, redeems one-to-one for yen as an "electronic payment instrument" under the Payment Services Act.

Utility Points Meet DeFi

Kansai Electric, which supplies power to the Osaka region and is one of Japan's largest utilities, spun up MOACT as a standalone company on July 1, with Yohei Koyama as CEO. HashPort noted the point conversion is structured so it doesn't fall under Japan's crypto exchange or electronic payment instrument trading licenses.

Polygon Labs amplified the launch. "One of Japan's largest utility companies is turning loyalty points into onchain payments on Polygon," the network said on X, calling JPYC part of "the default rails" for stablecoin payments on its Open Money Stack.

POL, Polygon's native token, was little changed over the past 24 hours at $0.071, per CoinGecko.

Yen Onchain Momentum

The launch adds to a run of JPYC integrations funneling Japan's legacy loyalty-point economy onchain. HashPort opened Diners Club credit card point conversions into JPYC on June 1 — a first for a Japanese credit card — and ran an in-store yen-stablecoin payment pilot with KDDI at Lawson convenience stores starting July 13.

Polygon has been the main venue for that activity: the network says it processes more JPYC volume than all other chains combined, and 84% of JPYC holders use HashPort Wallet. For Kansai Electric, the appeal runs the other direction — loyalty points, a liability that often expires unused, become a gateway product for onboarding utility customers into onchain payments.