Convertible JPY Token
CJPY Rank #2931Price chart
What is Convertible JPY Token?
Overview
CJPY is a collateral debt position token created on Yamato Protocol, a non-custodial platform developed by DeFiGeek Community Japan. The token maintains a peg to the Japanese Yen and serves as a decentralized alternative to fiat-backed stablecoins. Users can spend CJPY across DeFi applications, DEXs, lending protocols, and potentially as a payment method within the Japanese crypto ecosystem. The protocol is designed to support additional stablecoins pegged to USD and EUR in future versions.
How it works
CJPY operates on Ethereum as an overcollateralized stablecoin requiring ETH as collateral. The protocol allows a minimum health rate of 130%, meaning users can maintain positions with relatively efficient collateral usage. Issuance incurs a one-time fee; no ongoing interest accrues on debt positions, distinguishing it from traditional lending protocols.
Peg and backing
CJPY is backed by locked ETH collateral held within the protocol in non-custodial smart contracts. The peg is maintained through a redemption mechanism: positions falling below 130% health can be redeemed by any market participant using acquired CJPY, creating economic incentive to restore the peg. Accumulated protocol fees are deployed to subrogate positions below 100% health, further supporting stability.
Team and history
Development began in January 2021 by DeFiGeek Community Japan as a collaborative open-source effort. The protocol launched on Ethereum mainnet in July 2023 following completion of an initial audit, with prior testing phases on testnet between November 2021 and May 2022.
Where to trade CJPY
Exchanges that list this asset
Live spot quotes from connected exchanges
CJPY funding rates
Live perpetual funding on every connected exchange. Positive = longs pay shorts.
Contracts & chains
Exact contract or mint per network — the identity layer used for DEX routing.
On-chain routes
Networks with a connected DEX routing adapter.