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 on Polygon, wallet developer HashPort said in a press release published Thursday.
The feature went live on July 30. It allows users to swap NORM points earned through social-impact “missions” in the app into JPYC issued on Polygon. Those missions include engagement with companies and municipalities working on social causes.
Once converted, the stablecoin is held in users’ own HashPort Wallets and can be connected to DeFi platforms. That turns what had been a closed-loop Web2 rewards balance into an onchain asset.
Before this launch, MOACT points could only be redeemed for electronic gift certificates. JPYC is issued by JPYC Inc. and is registered with Japan’s Financial Services Agency as the country’s first regulated yen-pegged stablecoin. Under the Payment Services Act, it is treated as an “electronic payment instrument” and redeems one-to-one for yen.
Utility rewards move toward DeFi
Kansai Electric supplies power to the Osaka region and is one of Japan’s largest utilities. The company spun up MOACT as a standalone business on July 1, with Yohei Koyama serving as CEO.
HashPort said the conversion structure was designed so that it does not fall under Japan’s crypto exchange licensing rules or electronic payment instrument trading licenses.
Polygon Labs also highlighted the rollout. In a post on X, the network said, “One of Japan’s largest utility companies is turning loyalty points into onchain payments on Polygon,” and described JPYC as part of “the default rails” for stablecoin payments on its Open Money Stack.
Polygon’s native token POL was little changed over the past 24 hours at $0.071, according to CoinGecko.
More JPYC integrations in Japan
The launch extends a series of JPYC integrations aimed at moving Japan’s legacy loyalty-point economy onchain. On June 1, HashPort opened Diners Club credit card point conversions into JPYC, which the report described as a first for a Japanese credit card. Starting July 13, the company also ran an in-store yen stablecoin payment pilot with KDDI at Lawson convenience stores.
Polygon has become the main venue for that activity. The network says it processes more JPYC volume than all other chains combined, and that 84% of JPYC holders use HashPort Wallet.
For Kansai Electric, the appeal runs in the opposite direction. Loyalty points, which can sit as a liability and often expire unused, are being positioned as a gateway product to bring utility customers into onchain payments.