What is Convertible JPY Token (CJPY) Crypto Coin?

CJPY is not just another crypto coin-it's a decentralized way to hold Japanese yen on the Ethereum blockchain. Unlike traditional stablecoins issued by banks or companies, CJPY is created and managed entirely through smart contracts on Ethereum. It’s designed to always be worth 1 Japanese yen, no matter what’s happening in the crypto market. If you want to use yen value without trusting a bank or exchange, CJPY is built for that.

How CJPY Works: Backed by ETH, Not a Bank

CJPY doesn’t sit in a bank vault. Instead, it’s created when users lock up Ethereum (ETH) as collateral in the Yamato Protocol. For every 1 CJPY you want to mint, you need to deposit at least 1.30 ETH worth of collateral. That’s called a 130% collateral ratio. If ETH’s price drops and your collateral falls below that threshold, anyone can step in and redeem your debt position using CJPY tokens they bought on the market. This keeps the system honest and prevents CJPY from drifting off its 1 yen peg.

There’s no interest. No monthly fees. You pay a one-time fee when you create CJPY, and that’s it. The system doesn’t charge you over time like some other DeFi loans. Instead, it relies on fees collected from issuance and redemptions to handle risks automatically. This design makes it simpler and more predictable for users.

The Yamato Protocol: Who Runs It?

CJPY is built and maintained by the Yamato Protocol a decentralized, non-custodial platform developed by DeFiGeek Community Japan. This isn’t a company. It’s a community of developers, testers, and contributors who work openly on GitHub. They started building it in January 2021, tested it on Ethereum’s testnets for over a year, and launched the official version on the mainnet in July 2023.

The protocol has no central team that controls your money. No one can freeze your CJPY. No one can change the rules overnight. Everything runs on code that’s public and audited. The first security audit was completed in June 2023, and since then, the system has operated without major incidents.

How CJPY Stays at 1 Yen: The Arbitrage Engine

CJPY stays pegged because of how the market reacts. If CJPY drops below 1 yen (say, to 0.99 yen), people start buying it. Why? Because they can use those tokens to redeem ETH collateral at full value-1 CJPY = 1 yen worth of ETH. That demand pushes the price back up.

If CJPY rises above 1 yen (say, to 1.01 yen), people create more of it. They lock up ETH, mint new CJPY, and sell it for profit. More supply comes into the market, and the price drops back to parity. This natural push-pull keeps CJPY stable without needing a central bank.

What Makes CJPY Different From Other Stablecoins?

Most JPY stablecoins like JPYC or JPYY are issued by companies that hold yen in bank accounts. That means you’re trusting them not to go bankrupt or get hacked. CJPY removes that risk entirely.

• No interest - You pay once, not monthly.
• No forced liquidation - If your collateral drops, you aren’t automatically wiped out. Someone else can redeem your debt, and you can fix it.
• Protocol-level redemption - Fees collected from users are used to buy back and burn CJPY when debt positions get too risky.
• Subrogation mechanism - If a position falls below 100% collateral, the protocol uses accumulated fees to take over the debt and prevent collapse.

These features make CJPY one of the most resilient decentralized stablecoins in its class. It’s not trying to be a payment coin. It’s trying to be a reliable, trustless store of yen value.

Market Data as of February 24, 2026

As of today, here’s what the numbers look like:

It’s still a small project by crypto standards. But its growth reflects real demand from users who want a non-custodial way to access yen-denominated value in DeFi.

Where Can You Use CJPY?

CJPY isn’t just sitting in wallets. It’s being used in real DeFi applications:

• On decentralized exchanges like Uniswap or SushiSwap, where users trade CJPY for other tokens
• In lending protocols where users borrow other crypto assets using CJPY as collateral
• As a settlement currency between Japanese DeFi projects that want to avoid fiat gateways
• For cross-border payments where users need yen value without banking intermediaries

Some Japanese crypto businesses already accept CJPY for services. It’s not mainstream yet, but it’s growing quietly in niche circles where trust in centralized systems is low.

Can You Stake CJPY?

No. CJPY is not a staking token. It doesn’t earn rewards. It’s not part of a proof-of-stake network. It’s a stablecoin-a tool for value storage and exchange, not yield farming. If someone tells you you can stake CJPY and earn 10% APY, they’re misleading you.

Future Plans: What’s Next for CJPY?

The Yamato Protocol has a clear roadmap. Version 1.5 was meant to introduce a governance token called YMT, which would let users vote on protocol upgrades. Version 2.0 aimed to expand beyond JPY-adding CEUR a euro-pegged stablecoin and CUSD a dollar-pegged stablecoin.

As of February 2026, those upgrades are delayed. The community is focused on stabilizing version 1.0 before expanding. The long-term vision is to let users use not just ETH, but other tokens like BTC or SOL as collateral to mint stablecoins. That would make Yamato Protocol a multi-collateral, multi-fiat platform.

How to Get CJPY

You can buy CJPY on:

• MEXC a major exchange that lists CJPY with high liquidity
• Uniswap a decentralized exchange where you can swap ETH or USDC for CJPY directly
• Other Ethereum-based DEXs that support ERC-20 tokens

To mint CJPY yourself, you need to connect a wallet like MetaMask to the Yamato Protocol DApp, deposit ETH, and pay the issuance fee. No KYC. No paperwork. Just crypto to crypto.

Why CJPY Matters

CJPY isn’t trying to replace the yen. It’s trying to give people a way to use yen value without banks. In a world where financial systems are slow, expensive, or inaccessible, CJPY offers a fast, open, and global alternative. It’s not flashy. It doesn’t promise moonshots. But for users who care about control, transparency, and stability, it’s one of the most thoughtful stablecoins in crypto today.