Your electricity bill just became a crypto on-ramp. Users of MOACT, the rewards app operated by a subsidiary of Japanese utility giant Kansai Electric Power, can now convert their loyalty points into JPYC, the regulated yen-pegged stablecoin, on Polygon. The feature went live on July 30.

Wallet developer HashPort announced the integration, which lets MOACT users swap their earned NORM Points into JPYC and hold, send, or deploy the stablecoin through the HashPort Wallet. In practical terms, points earned by paying your power bill can now flow directly into decentralized finance.

From power bills to Polygon

MOACT is a fully owned subsidiary of Kansai Electric Power Co., one of Japan’s largest regional utilities serving the Osaka-Kyoto-Kobe metropolitan area. The subsidiary was established on July 1, 2026, and its rewards app lets users earn NORM Points by completing social “missions.”

The integration builds on earlier collaboration between HashPort and MOACT from earlier in 2026, when HashPort’s wallet capabilities were expanded to support JPYC handling. This latest step completes the pipeline from real-world activity to on-chain asset.

JPYC’s growing footprint on Polygon

JPYC holds a notable distinction as Japan’s first regulated yen stablecoin, having launched in 2025 under the country’s Payment Services Act. It maintains a strict 1:1 peg to the Japanese yen with full backing and redeemability.

Polygon has emerged as the dominant chain for JPYC activity. The network handles more JPYC transfer volume than all other supported chains combined. Cumulative transfers have surged past $265 million, up sharply from $100 million recorded just in April 2026.

An estimated 84% of all JPYC holders use the HashPort Wallet, giving it near-monopoly status as the gateway for yen stablecoin users. That concentration means HashPort has immense distribution power, but it also creates a single point of dependency for JPYC’s user base.

Japan’s stablecoin strategy takes shape

Japan has taken a distinctly different approach to stablecoin regulation compared to the US and Europe. Rather than treating stablecoins with suspicion, Japanese regulators have created clear frameworks under the Payment Services Act that allow compliant issuers to operate with legal certainty.

The result is a market where traditional companies, not just crypto-native startups, feel comfortable integrating stablecoin infrastructure. A major electric utility converting loyalty points into a regulated stablecoin would be nearly unthinkable in many Western markets, where regulatory ambiguity still makes corporate treasury departments nervous about touching crypto rails.

What this means for investors

For Polygon’s native token POL, the integration adds another data point to the network’s institutional adoption narrative. The $265 million in cumulative JPYC transfers is still small compared to USDC or USDT volumes, but the growth trajectory from $100 million to $265 million in three months suggests meaningful momentum.

The concentration of JPYC holders in the HashPort Wallet, at 84%, presents both opportunity and risk. If HashPort maintains its dominant position as the JPYC gateway, it could become a critical piece of infrastructure in Japan’s stablecoin ecosystem. But that same concentration means any disruption to HashPort’s operations could ripple through the entire JPYC user base.