JPY DeFi

Total Value Locked$837,004

TVL by Chain

Ethereum$837,004

Protocol Information

JPY DeFi (ticker JPYdf) is a CDP protocol on Ethereum. Users deposit collateral and borrow JPYdf, a crypto-asset-backed stablecoin that aims to track the value of the Japanese yen. Anyone can mint JPYdf without permission, and JPY DeFi aims to build an on-chain yen market. It aims to offer low-cost borrowing, and Stability Pool depositors can claim a share of borrowing interest and fees. JPYdf does not represent a yen-denominated monetary claim or a right to redemption in yen. Tracking the yen, price stability, redemption in yen, and preservation of principal are not guaranteed

Website X/Twitter

Category:CDP

Audits:

Methodology

TVL: Underlying assets in the production CollateralVault buffers, excluding protected backstop reserves, plus the underlying value of each registered Strategy position, including accrued yield. Counts deposits whether or not used in a Trove, and assets pending withdrawal until paid out. JPYdf, dToken balances, debt, external LP positions and Treasury balances are not added. Assets deployed to Lido, Aave V3 and Morpho overlap those protocols.

Competitors

Sky Lending ($5.315b)USDD ($1.173b)Liquity V1 ($168.35m)crvUSD ($137.47m)Liquity V2 ($93.9m)Reservoir Protocol ($70.41m)Frankencoin ($59.62m)Inverse Finance FiRM ($33.71m)BIMA CDP ($10.93m)Inverse Finance Frontier ($5.46m)

JPY DeFi history

TVL is the default DefiLlama definition. Daily values are UTC snapshots from Oct 15, 2026 to Oct 28, 2026.

All-time high TVL: $849,477 on Oct 22, 2026. All-time low TVL: $830,292 on Oct 16, 2026.

Daily TVL, Oct 15, 2026 to Oct 28, 2026

Date	TVL
Oct 15, 2026	$831,983
Oct 16, 2026	$830,292
Oct 17, 2026	$845,428
Oct 18, 2026	$843,719
Oct 19, 2026	$843,988
Oct 20, 2026	$843,097
Oct 21, 2026	$846,324
Oct 22, 2026	$849,477
Oct 23, 2026	$839,844
Oct 24, 2026	$838,114
Oct 25, 2026	$836,705
Oct 26, 2026	$833,749
Oct 27, 2026	$833,245
Oct 28, 2026	$835,098

TVL at each month end, Oct 2026 to Oct 2026

Date	TVL
Oct 28, 2026 (latest)	$835,098

The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/jpy-defi

Frequently asked questions

What is JPY DeFi's TVL?

As of Oct 28, 2026, JPY DeFi has $837,004 in total value locked.

What chains does JPY DeFi operate on?

JPY DeFi operates on Ethereum. Ethereum holds the largest share at 100%.

How does JPY DeFi's TVL compare to similar protocols?

Among CDP protocols tracked by DefiLlama, JPY DeFi ranks #43 by TVL. The category holds $7.366b across 200 protocols, and JPY DeFi accounts for <0.1% of that total. Similar protocols include Sky Lending, USDD, Liquity V1, crvUSD, Liquity V2, Reservoir Protocol, Frankencoin, Inverse Finance FiRM, BIMA CDP, and Inverse Finance Frontier.