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.
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.
