JPYC tops ¥2B; USDC liquidity may widen DeFi access

JPYC circulation has surpassed ¥2 billion.

CryptoQuant analyst XWIN estimates: “A $1 million pool could process roughly $93,000 while keeping execution costs near 0.5%.”

XWIN projects that adding $3 million to $5 million in USDC/JPYC liquidity would make larger swaps, vault activity and limited lending practical. Under the same assumptions, a $5 million pool could support about $470,000 in transaction capacity.

The largest USDC/JPYC pool currently holds roughly $275,000, which supports modest trades and increases slippage for larger conversions.

CryptoQuant data shows Tether inflows into Ethereum rose about 210% and USDC inflows increased roughly 114%. TRON USDT reserves declined from $1.4 billion to $709 million. Binance records daily net inflows near $87 million.

Analyst estimates indicate an additional $8 million to $10 million of liquidity may be needed for users to post JPYC as collateral and for institutional traders to execute larger positions without high slippage.

CryptoQuant notes that greater USDC liquidity on Ethereum would provide the dollar side of a deeper JPYC/USDC market and allow larger two-way conversions and wider interaction with dollar-denominated DeFi markets.