Polygon has expanded its presence in Japan’s digital payments sector after MOACT, the rewards subsidiary of Kansai Electric Power, launched a new loyalty program that allows customers to convert reward points into the yen-backed stablecoin JPYC on Polygon.
Beginning July 30, users can exchange NORM Points earned through social contribution activities for JPYC, which can then be held, transferred, spent, or used across decentralized finance applications through the HashPort Wallet. The initiative marks another step toward integrating blockchain technology into everyday consumer payments rather than limiting its use to cryptocurrency trading.
According to Polygon, the program demonstrates how local currencies and loyalty systems are increasingly moving on-chain, with Japan emerging as one of the most active markets for regulated stablecoin adoption.
Kansai Electric Brings Utility Rewards Into the Blockchain Economy
MOACT has traditionally allowed customers to redeem accumulated loyalty points for gift cards and other digital rewards. By introducing JPYC as a redemption option, users now receive a digital asset that can continue circulating after redemption instead of being spent only once.
JPYC is issued by JPYC Co., Ltd. as a fully backed yen-pegged stablecoin operating under Japan’s Payment Services Act. Once converted, the tokens are stored inside the HashPort Wallet, allowing users to send payments, participate in decentralized finance applications, or use the stablecoin for everyday transactions supported within the ecosystem.
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The partnership brings together three established participants in Japan’s blockchain industry. Kansai Electric contributes one of the country’s largest utility customer bases, MOACT manages the rewards platform, while HashPort provides the wallet infrastructure supporting on-chain asset management.
The announcement also highlights Polygon’s growing role as payment infrastructure rather than simply a smart contract platform.
Polygon Continues Expanding Its Stablecoin Payment Network
Polygon says its blockchain currently processes more JPYC transfer volume than every other supported blockchain combined, reinforcing its position as the primary settlement network for the Japanese stablecoin.
The company reports that cumulative JPYC transfer volume on Polygon has now exceeded $265 million, a sharp increase from the $100 million milestone reached earlier in 2026. The network attributes this growth to real-world payment activity, including merchant purchases, lending, subscription services, card top-ups, and everyday consumer spending.
Polygon also noted that approximately 84% of JPYC holders currently use the HashPort Wallet, giving the latest loyalty initiative an established user base from launch.
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The announcement aligns with Polygon’s broader Open Money Stack strategy, which focuses on bringing regulated stablecoins into enterprise payments and financial infrastructure. Recent initiatives have included partnerships involving PayPal USD, Mastercard’s Agent Pay ecosystem, and multiple institutional payment providers.
For Polygon, the Kansai Electric collaboration represents another enterprise adoption milestone that extends blockchain usage beyond financial institutions into consumer rewards. As more companies explore tokenized loyalty programs and regulated digital currencies, projects like this may help accelerate the use of stablecoins in everyday commerce across Japan.
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