A collaboration in Japan will allow consumers that collect points via their Diners Club card to exchange the rewards for the JPYC stablecoin. It involves a three way collaboration between Sumitomo Mitsui Trust Club (SuMi TRUST Club), JPYC and wallet provider HashPort.
Starting 1 June, card users will need to leverage the HashPort non custodial wallet for the exchange, and can then use the JPYC as they see fit, including online payments or P2P transfers. The rate of exchange of reward points for JPYC will vary depending on the card, with Diners Club holders exchanging 2,500 points for 1,000 JPYC ($6.28), whereas TRUST CLUB card holders have to exchange 4,000 points for the same amount. Initially, SuMi is offering rewards of 500 points for each conversion to 1,000 JPYC. Apparently the points program has no expiration date.
There’s quite a bit of innovation happening in Japan around stablecoins and wallets. For now JPYC is a key beneficiary because so far it is the only onshore regulated coin. However, GMO-Z.com Trust, a subsidiary of Japanese firm GMO Internet, has been issuing a Yen stablecoin under a New York trust license for several years. Japan’s Financial Services Agency just finalized rulemaking to recognize equivalent offshore regulated stablecoins.
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