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



# Dephaser JPY (JPYT)

**Peg:** Japanese Yen

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

Algorithmic yen on Base/Optimism minted against locked USDT/USDC using an FX oracle; thin liquidity, high-dependency collateral. JPYT is Dephaser's yen-pegged token on Base and Optimism. CoinGecko describes the design as an algorithmic JPY stablecoin backed by locked USDT, making the reserve view high-risk dependency collateral rather than a cash yen reserve. Price and market-cap coverage are present, but the supply is small and the peg depends on Dephaser's mechanism, USDT collateral quality, and thin secondary liquidity. The mechanism is closer to {{term:algorithmic}}algorithmic{{/term}} FX synthesis than fiat backing, with {{term:redemption}}redemption{{/term}} returning the locked USDT or USDC collateral rather than yen cash.

## 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

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| optimism | `0xc47da4cb96ce65a96844a01bfae509f9d5454534` | 6 |
| base | `0xc47da4cb96ce65a96844a01bfae509f9d5454534` | 6 |

## Live Data

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