We synthesized a low-Pt content electrocatalyst consisting of a Pt monolayer placed on carbon-supported thermally treated IrNi core-shell structured nanoparticles using galvanic displacement of a Cu monolayer deposited at underpotentials. The Pt mass activity of the PtML/IrNi/C electrocatalyst obtained in a scale-up synthesis is approximately 3 times higher than that of the commercial Pt/C electrocatalyst. The electronic and geometrical effects of the IrNi substrate on the Pt monolayer result in its higher catalytic activity than that of Pt nanoparticles. The structure and composition of the coreshell nanoparticles were verified using transmission electron microscopy and in situ X-ray absorption spectroscopy, while a potential cycling test was employed to confirm the stability of the electrocatalyst. Our experimental results, supported by the density functional calculations using a sphere-like model, demonstrate an effective way of using Pt that can resolve key problems of cathodic oxygen reduction hampering fuel cell commercialization.