JPYT

Dephaser JPY (JPYT)

· 51/100as of 2026-11-10

JPYT is DePhaser's yen stablecoin, minted by locking USDT on Optimism or USDC on Base against a yen FX oracle, with collateral returned on redemption.

Updated —

JPY-Pegged Crypto-Backed Centralized-Dependent

16 Oct 2024

Price (JPY)

JPY 0.9672

-328 bps

Market cap

$44.48K

USD-normalized

— 24h

Supply

7.30M JPYT

-0.57% 7d

-0.57% 30d

DEWSWatch19/100 · as of 2026-11-10

Peg

Liq68as of 2026-11-10

30d Excess

Price (JPY)

JPY 0.9672

-328 bps

Market cap

$44.48K

USD-normalized

— 24H

Supply

7.30M JPYT

-0.57% 7D · -0.57% 30D

30d Excess

MechanismCrypto CDPMintingPermissioned FreezeUpstreamChains2 JurisdictionNot disclosed GENIUSNone Found

MintingPermissioned FreezeUpstreamChains2 JurisdictionNot disclosed GENIUSNone Found

Dollar-Collateral Yen Under Single-Key Control

JPYT is Dephaser's yen-pegged token on Optimism and Base. Users lock USDT on Optimism or USDC on Base and mint JPYT at the USD/JPY rate from Chainlink and Pyth oracles; burns JPYT for the underlying dollar token. The locked collateral is supplied to Aave V3 rather than held directly, so the reserve is a claim on Aave deposits, mostly USDT, and never yen cash. Holders carry the dollar stablecoins' issuer risk, Aave's withdrawal liquidity and the oracle's FX pricing in one position. Economic control is the weakest pillar by a wide margin. On each chain a single EOA holds the admin role over minting and can grant itself the minter role and mint without bound. The deposit managers that hold the collateral are upgradeable proxies whose own single-key admins can replace the mint implementation. Supply is small. The durable constraint is that every JPYT rests on one key per chain that can create unbacked supply or rewrite the contract holding the collateral.

Updated 2026-10-19 · AI summary · drafted by claude-opus-5-5 · facts as of 2026-10-19

AI policy

CeFi-Dependent|Compare

Exit evidence

Redemption route · Waiting for section

Redemption evidence loads when the Risk section approaches the viewport.

Control evidence

JPYT Mint Authority

Permissioned minters create JPYT, controlled by two EOAs and two contracts; supply is unbounded under adverse authority.

Confidence: VerifiedControl posture: Single operator

Control map

IssuerPermissioned

ControlsDirect minter×2Minter admin EOA×2Proxy admin EOA×2

SupplyJPYTUnbounded, adverse authority

Scoring breakdown

Derived posture Unknown

Component score Loading

The current Safety Score publication is loading; reviewed mint authority evidence is shown below.

Primary controls (6)

JPYT MINTER_ROLE holder — Optimism
Direct minter / Contract
optimism / 0x77c1e4...f23cd9
MintDirect
No cap: DephaserJPY exposes no cap()/maxSupply() and mint() calls _mint() unconditionally.
JPYT DEFAULT_ADMIN_ROLE holder — Optimism
Minter admin / Externally owned account
optimism / 0xbdeb54...335479
MintCan authorizeCustodySingle-key address - custody unverifiable
No cap exists on the token; an appointed minter mints without bound.
JPYT MINTER_ROLE holder — Base
Direct minter / Contract
base / 0x0eab9d...1ec276
MintDirect
No cap: DephaserJPY exposes no cap()/maxSupply() and mint() calls _mint() unconditionally.
JPYT DEFAULT_ADMIN_ROLE holder — Base
Minter admin / Externally owned account
base / 0x2db58f...98c54c
MintCan authorizeCustodySingle-key address - custody unverifiable
No cap exists on the token; an appointed minter mints without bound.
JPYT DepositManager upgrade admin — Optimism
Proxy admin / Externally owned account
optimism / 0x32d557...5091e0
MintUpgrade-onlyCustodySingle-key address - custody unverifiable
JPYT DepositManager upgrade admin — Base
Proxy admin / Externally owned account
base / 0x5642c7...b5352b
MintUpgrade-onlyCustodySingle-key address - custody unverifiable

Review notes & sources (8)

JPYT is a non-upgradeable OpenZeppelin AccessControlEnumerable ERC-20 with mint() gated on MINTER_ROLE and no supply cap. On each chain MINTER_ROLE is held by exactly one contract, the DePhaser DepositManager, itself an ERC-1967/UUPS proxy that mints JPYT against USDT (Optimism) or USDC (Base) deposits routed into Aave. DEFAULT_ADMIN_ROLE is the role admin of MINTER_ROLE and is held by a single EOA per chain, so that EOA can grant MINTER_ROLE to any address (including itself) in one transaction and then mint without bound. Each DepositManager proxy is separately upgradeable by its own DEFAULT_ADMIN EOA, which can self-grant UPGRADER_ROLE and replace the mint implementation.

Control posture

Material control is classified as concentrated in one issuer, protocol team, or operating entity.

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

Reviewed 2026-08-15

JPYT

Single-source / laggy

JPYT mint and redeem quotes rely on a single-source or laggy feed.

Oracle review: Verified

Pricing path

Sources—

AggregatorSingle-source / laggy

ConsumerMint / redeem quote

Review notes & sources (5)

Optimism issuance reads Chainlink-style USDT/USD and JPY/USD feeds; Base issuance reads a Chainlink-style USDC/USD feed and Pyth USD/JPY. At the retained Base block 52075154, pythValidTimePeriod() was 31,536,000 seconds. Both verified manager sources discard latestRoundData timestamps and reject only non-positive token-feed answers; neither implements an independent oracle fallback. Source-scoped correction: source reinspection on 2026-10-20 withdraws the unsupported standard-external classification in favor of single-source-or-laggy. The original review start and historical parameter pin are preserved, not renewed; this is not a claim that a stale answer was actually consumed or that the historical Pyth setting was freshly measured.

Reviewed 2026-07-14

JPYT

All burn & mint

2 routes on 2 chains, all issuer burn & mint.

Confidence: Verified

Routes by chain (2)

Equal widths, supply split unavailable

Review notes & sources (6)

JPYT has two independent native liabilities, on Optimism and Base. At the 2026-10-09 pins each token has exactly one MINTER_ROLE and BURNER_ROLE holder: its local DepositManager. Verified managers mint local JPYT against USDT or USDC deposited into Aave and burn holder-authorized JPYT on withdrawal; neither locks canonical JPYT to issue another-chain receipt. Aave collateral custody and pending collateral withdrawals are not canonical-JPYT bridge escrow. Both exact token deployments are six-decimal Dephaser JPY / JPYT ERC-20s.

Reviewed 2026-10-09

JPYT

Upstream

Freeze power sits upstream in the assets this token depends on rather than in its own contract.

Sourced review

Power and scope

PowerUpstream

ScopeCanonical · Permissionless×2

Reviewed deployments (2)

BaseCanonical · Permissionless
OptimismCanonical · Permissionless

Transfer posture reviewed 2026-10-09.

Review notes & sources (6)

Re-verified 2026-10-01 at Optimism block 157619450 and Base block 52024165. Pinned runtime bytecode exactly matched the respective Blockscout verified-source deployments; EIP-1967 implementation and admin slots were zero. Both sources expose standard ERC-20 transfer paths, role-gated mint, and allowance-gated burnFrom, but no pause, blacklist, freeze, allowlist, seizure, transfer hook, or privileged arbitrary-holder burn. Direct JPYT blacklistability remains false. Locked USDC/USDT remain upstream freeze exposures that can impair backing or redemption, not powers to restrict JPYT holder balances.

Reviewed 2026-10-01

JPYT

No public auth found

GENIUS (US): None foundPathway unresolved

Issuer disclosures

Reserve attestation: Not found
Redemption policy: Not found
Reserve disclosure: Not recorded

JPYT has no public GENIUS authorization on record.

Review notes & sources (14)

GENIUS review notes

Reviewed 2026-10-28. Token identity is tied to the official Optimism and Base contract 0xc47da4CB96CE65a96844A01Bfae509F9d5454534 shown on the DePhaser site, which matches the tracked asset on both chains; the generic JPYT ticker alone was not relied on. The terms of service effective September 12, 2024 and the disclaimer identify only the DePhaser brand, so issuerEntity, issuerDomicile and licensingRegulator are omitted rather than guessed. Payment marketing prevents a non-payment-token shortcut. Redemption documentation describes a variable quantity of USDT or USDC at the pooled average Lock-In Exchange Rate; this collateral conversion workflow is not a fixed monetary-value redemption policy by a named issuer, hence redemptionPolicyPresent is false under the tracker definition. No reserve disclosure page or attestation series was located. Aave custody of collateral is safekeeping, not issuer authorization. Authorization, pathway, foreign exception and enforcement findings are bounded public evidence negatives as of 2026-10-28; the NYDFS directory returned HTTP 403 on both fetch attempts and could not be inspected, the OCC licensing table is not an exhaustive issuer register, and absence of public records does not exclude unpublished filings. Applicability unclear follows the jpym-mento family precedent for a yen payment marketed CDP stablecoin whose redemption returns digital assets. DASP posture reflects the pre-effective regime state and is not permission.

Reviewed 2026-10-28

Key links

Website Twitter Docs GitHub

JPYT Contracts

2 deployments tracked across Optimism and Base.

Primary contract

Optimism

0xc47d...4534

View on Optimism explorer

Optimism0xc47d...4534

Base0xc47d...4534

Contract addresses (2)

Optimism 0xc47da4cb96ce65a96844a01bfae509f9d5454534
Base 0xc47da4cb96ce65a96844a01bfae509f9d5454534

Supply & Liquidity

History

Explore

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Move from this coin into the next useful surface: peer benchmarks, taxonomy cohorts, or live trackers that add context to what you just read.

Peers

All Japanese Yen stablecoins

Taxonomy

All Japanese Yen stablecoins CeFi-Dependent stablecoins Crypto-Collateralized stablecoins

Trackers

Stablecoin safety scores DEX liquidity rankings Depeg tracker See all CDP stablecoins

Actions

Open JPYT in live compare Set JPYT Telegram alerts Browse stablecoin comparisons Read the daily digest Use the Pharos API

Safety

C-· 51/100

as of 2026-11-10

Peg Liquidity68· as of 2026-11-10 DEWSWatch· 19/100 · as of 2026-11-10

Collateralization

Waiting for reserve evidence.

Access posture

Loading published access posture…

Regulatory standing

No public auth found

GENIUS (US): None foundPathway unresolved

Issuer disclosures

Reserve attestation: Not found
Redemption policy: Not found
Reserve disclosure: Not recorded

JPYT has no public GENIUS authorization on record.

Details & sources (14)

GENIUS review notes

Reviewed 2026-10-28

Price Transparency

USD 0.006094

FallbackSources 1/3

Sources

CoinGecko (low volume)

Key links

Website Twitter Docs GitHub

JPYT Contracts

Optimism0xc47d...4534

Base0xc47d...4534

News

Loading recent events…

Evidence index

Exit

Redemption routeWaiting for section

Control

Mint AuthorityMint score loading
Price feedSingle-source / laggy
Bridging & deploymentsAll burn & mint
Freeze & seizureUpstream

Profile

JPYT profile facts

Dephaser JPY (JPYT) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg Japanese Yen.

CeFi-Dependent Crypto-Collateralized Japanese Yen

Collateral: USDT (Optimism) and USDC (Base) deposited by users to mint JPYT; locked collateral is automatically transferred into Aave for safekeeping rather than held directly by DePhaser, backing JPYT against the yen
Peg mechanism: Users lock USDT (Optimism) or USDC (Base) to mint JPYT priced off real-time USD/JPY rates from Chainlink and Pyth oracles; the deposited collateral is routed into Aave, and redemption burns JPYT to return the underlying USDT or USDC
Jurisdiction: Not disclosed in the static profile.
Proof of reserves: No proof-of-reserves entry in the static profile.
Contracts: 2 deployments tracked across Optimism and Base.

Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.

JPYT quick answers

What is Dephaser JPY (JPYT)?

JPYT is DePhaser's yen stablecoin, minted by locking USDT on Optimism or USDC on Base against a yen FX oracle, with collateral returned on redemption. The static profile records its Japanese Yen peg mechanism as: Users lock USDT (Optimism) or USDC (Base) to mint JPYT priced off real-time USD/JPY rates from Chainlink and Pyth oracles; the deposited collateral is routed into Aave, and redemption burns JPYT to return the underlying USDT or USDC.

Is JPYT safe?

As of Nov 10, 2026, Pharos grades JPYT C- (51/100) on its Safety Score. Pharos's reviews record that freeze exposure is inherited through upstream collateral, custody or wrappers, and any holder can use its reviewed redemption route. That is a middle-band grade: it meets baseline expectations but carries meaningful weaknesses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.

What backs JPYT?

Pharos records JPYT's reserves as of Sep 9, 2026 as 87.7% USDT locked on Optimism DepositManager and supplied to Aave V3 (aOptUSDT) and 12.3% USDC locked on Base DepositManager and supplied to Aave V3 (aBasUSDC). Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.

Can JPYT be frozen or blacklisted?

Based on tracked contract metadata and blacklist coverage, freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies.

How do you redeem JPYT?

Under the route Pharos reviewed on Oct 10, 2026, any holder can redeem JPYT for USDT and USDC. Settlement takes multiple days. The reviewed terms charge no percentage redemption fee. Whether a given holder qualifies is set by the route's own terms, not by this summary.

Dephaser JPY (JPYT)

Dollar-Collateral Yen Under Single-Key Control