Summary
Japan's stablecoin ecosystem is accelerating across multiple fronts. JPYC, the regulated yen-backed stablecoin, is being deployed in logistics payments (AZ-COM Maruwa, 2,300 partners), retail POS trials (Lawson, August 2026), Bitcoin-backed credit products (Metaplanet), and payment infrastructure (LINE NEXT Unifi Pay). On-chain circulation crossed 2 billion yen with a 3-year target of 10 trillion yen ($65B). Meanwhile, SBI's JPYSC and the MUFG/SMBC/Mizuho joint stablecoin add competitive pressure.
Key Points
- JPYC issuer: JPYC Inc.; Type II Fund Transfer Service Provider registered with FSA
- JPYC launched: October 27, 2025; backed by yen deposits and JGBs
- On-chain circulation: crossed 2 billion yen (July 2026); ~19,000 JPYC EX accounts
- 3-year target: 10 trillion yen ($65B) in circulation
- AZ-COM Maruwa: ¥1B investment; 2,300 logistics partners; first large-scale corporate use
- Lawson trial: POS-linked JPYC payments at Tokyo store (August 2026)
- Metaplanet: studying Bitcoin-backed credit products using JPYC
- LINE NEXT: Unifi Pay stablecoin payment service (Q3 2026 launch)
- SBI JPYSC: trust-type yen stablecoin; launched June 24, 2026
- MUFG/SMBC/Mizuho: joint stablecoin development; live commercial use targeted fiscal 2026
- JCB + Circle: pilot exploring USDC-based settlement
- FSA: tightening bond rules for stablecoin reserves as adoption grows
- Regulatory framework: 2023 amendment to Payment Services Act; trust bank model