CJPY, issued by the Yamato Protocol smart contracts under the governance of YMT tokenholders, is a crypto-collateralized stablecoin soft-pegged to the Japanese Yen (JPY) at a ratio of 1 CJPY to 1 JPY. [S1][S2]

Holders receive a stablecoin tracking the Japanese Yen (JPY), minted when users deposit native ETH into a per-address Pledge and borrow against it subject to a minimum 130% collateral ratio. [S2][S3] CJPY pays no yield. [S2] The peg is maintained by arbitrage and onchain redemption incentives. [S2] Minting incurs a one-time issuance fee varying with the post-borrow health ratio, from 4% at 130% to 0.1% at 500% and above, subtracted up front, with no ongoing interest. [S4][S3]

No incorporated corporate entity issues CJPY; the protocol is built and maintained by the DeFiGeek Community Japan open-source community with an anonymous development team, and changes are controlled by the Yamato DAO through the YMT governance token. [S1][S5] The Dapp is not under the protection of any jurisdiction or country and functions autonomously with no entity holding control or warranty. [S5] Access is permissionless and non-custodial, with no KYC, AML, or registration. [S4] The holder's claim is the protocol guarantee that 1 CJPY redeems against collateral equivalent to 1 JPY, enforced by smart contracts; redemption is onchain and permissionless, targeting Pledges below the 130% ratio from lowest collateral upward. [S2][S3][S4]

CJPY is an ERC-20 token deployed on Ethereum Mainnet, with a Sepolia testnet for testing. [S4][S6] Minting deposits ETH into a Pledge and borrows CJPY; settlement is onchain and effectively immediate per Ethereum block confirmation. [S4] Pricing uses Chainlink ETH/USD and USD/JPY feeds. [S4] Collateral is held in smart contracts under user control with no custodian. [S1]

<Sources
  retrievedAt="2026-06-24"
  items={[
    { id: "S1", url: "https://docs.yamato.fi/en/readme.md" },
    { id: "S2", url: "https://docs.yamato.fi/en" },
    { id: "S3", url: "https://docs.yamato.fi/en/features.md" },
    { id: "S4", url: "https://docs.yamato.fi/en/faq.md" },
    { id: "S5", url: "https://docs.yamato.fi/en/readme/disclaimer.md" },
    { id: "S6", url: "https://docs.yamato.fi/en/roadmap.md" },
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# Asset off peg methodology

## 1. Overview

The asset off peg metric is defined as the percentage deviation of a tokenized asset's daily closing market price from its designated reference (pegged) asset price. This metric is utilized to assess the stability and peg-keeping performance of stablecoins, wrapped assets, and other pegged tokens. The deviation is calculated relative to the reference price, representing either a premium or a discount in the market. Daily tracking of this metric is performed to enable the monitoring of peg stability and the identification of potential de-pegging events across various asset classes.

## 2. Data sources

- **EVM chain events**: `AnswerUpdated` events from Chainlink aggregator contracts, covering EVM-compatible chains (Ethereum, Polygon, and others)
- **Asset metadata**: Reference asset configurations and token mappings
- **External data**: End-of-day price feeds for tokenized assets

## 3. Step-by-step calculation

### Component A: Retrieve asset prices and reference mappings

- **Purpose**: Identify the daily closing price of each asset and map it to its designated reference currency
- **Logic**: Daily closing prices for each asset are retrieved from end-of-day price feeds. Each asset is mapped to its designated reference currency (such as the U.S. Dollar, Euro, or British Pound) using asset metadata. For assets pegged to the U.S. Dollar, a fixed reference rate of 1.0 is assigned. For assets pegged to other fiat currencies, the corresponding Chainlink FX feed is identified.
- **Key fields**: `asset_price` (daily closing price of the asset), `reference_asset` (the target peg currency), `fx_feed_name` (the identifier for the Chainlink FX feed)

### Component B: Resolve daily reference prices

- **Purpose**: Determine the daily USD value of the reference peg currency
- **Logic**: Daily FX rates are extracted from Chainlink oracle price feeds on EVM-compatible chains. To account for days without oracle updates, the last recorded rate for each FX feed is carried forward to construct a continuous daily time series. The daily reference price is then established by matching the asset's mapped FX feed or fixed rate with the corresponding daily rate.
- **Key fields**: `price` (the FX rate from the oracle feed), `timestamp` (the date of the rate), `reference_price` (the resolved daily reference price in USD)

### Component C: Calculate peg deviation

- **Purpose**: Compute the final percentage deviation of the asset price from its reference price
- **Logic**: The daily asset price and the resolved daily reference price are aligned by timestamp and asset identifier. The percentage deviation is calculated by subtracting the reference price from the asset price, and dividing the result by the reference price. Days where a reference price cannot be resolved are excluded from the final dataset.
- **Key fields**: `asset_off_peg` (the percentage deviation from the peg), `timestamp` (the daily grain timestamp)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

(market_price - reference_price) / reference_price

Percentage deviation of the asset price from its reference peg.

Asset off peg

Stablecoins

Users deposit ETH as collateral to mint CJPY. The protocol uses over-collateralization to maintain the JPY peg.

Yamato Protocol issues CJPY, a crypto-backed stablecoin pegged to the Japanese Yen.

Yamato Protocol is developed by DeFiGeek Community Japan, a Japanese DAO.

website

twitter

Stablecoin issuers

Yamato Protocol

Yamato Protocol CJPY (CJPY) is a Japanese Yen stablecoin issued by Yamato Protocol.

CJPY has been issued on Ethereum as an ERC-20 token since July 2023.

Yamato Protocol CJPYCJPY