The jJPY stablecoin is a highly liquid synthetic Japanese Yen that can be swapped at the market rate with other cryptos on the Polygon network. Its price is maintained via a peg mechanism with the USDC. It is created on Synthereum, the DeFi Forex protocol by Jarvis Network.Buy jJPY Sell jJPY
The jJPY is what is called a synthetic fiat currency, meaning that it is not anchored to an off-chain fiat reserve. Instead, it tracks the price of the Japanese Yen against the price of the US dollar via a peg mechanism with USDC, one of the biggest and most trusted USD stablecoin on the market.
By being linked to the USDC and redeemable with it, the jJPY directly benefits from its vast liquidity and deep integration within the ecosystem. The jJPY can therefore be used for any type of volatility-free payment or trading operations on the Ethereum and Polygon networks.
The jJPY is issued and can be exchanged on Synthereum, the on-chain Forex protocol developed by Jarvis Network.
It can be issued by a borrowing mechanism, where anyone can deposit USDC in the protocol and receive 75% of the deposit's value in jJPY. The liquidity provider receives in reward 50% of trading fees generated on Jarvis, as well as UMA tokens.
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