---
title: "Convertible JPY Token (CJPY) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/cjpy-yamato/"
description: "Build-time stablecoin profile for Convertible JPY Token (CJPY). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Convertible JPY Token (CJPY)

**Peg:** Japanese Yen

**Backing:** Crypto-Collateralized

**Governance:** Decentralized (DeFi)

**Status:** active

## Overview

CJPY is Yamato's decentralized JPY stablecoin from ETH-only CDPs; minimal governance, almost no users, by design. Yamato Protocol's CJPY is a JPY-pegged stablecoin built on a clean, ETH-only {{term:cdp}}CDP{{/term}} model by DeFiGeek Community Japan — a DAO with no corporate entity behind it. The mechanism echoes Liquity's playbook: deposit ETH at 130% minimum collateralization, borrow CJPY with a one-time fee and no accruing interest, and face {{term:liquidation}}liquidation{{/term}} via a subrogation system that uses accumulated protocol fees to automatically repay underwater positions. The {{term:redemption}}redemption{{/term}} floor — 1 CJPY always redeemable for 1 JPY worth of ETH from the riskiest pledge — provides a hard price floor without forced liquidation penalties. Deployed only on Ethereum with ~$1M in circulation, CJPY occupies the same philosophical space as RAI and LUSD: minimal governance, pure crypto collateral, no blacklisting, no upgradeability theater. The YMT governance token with veYMT vote-escrowed mechanics is planned but the protocol currently runs with DAO oversight via Snapshot. In a market where JPY stablecoins are dominated by centralized issuers like JPYC and GYEN, CJPY is the decentralized alternative that almost nobody uses — which, for its builders, may be precisely the point. Strict 130% {{term:overcollateralization}}overcollateralization{{/term}} keeps every pledge solvent.

## Collateral

ETH only; 130% minimum collateralization ratio at issuance (110% MCR for liquidation); one-time borrowing fee with no accrued interest

## Peg Mechanism

Overcollateralized ETH CDPs (pledges) with game-theory peg maintenance: (1) hard floor via on-chain redemption of 1 CJPY for 1 JPY worth of ETH from the riskiest pledge; (2) subrogation mechanism uses accumulated protocol fees to automatically repay positions below 100% health rate; (3) non-forced liquidation where any user can redeem debt positions below 130% using market-purchased CJPY

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x1cfa5641c01406ab8ac350ded7d735ec41298372` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/cjpy-yamato.