Overview of Recent Developments in Japanese Stablecoins

In recent years, Japan has taken a proactive approach to building its stablecoin regulatory framework. In 2023, Japan established regulations requiring registration of fiat-backed stablecoins. Today, these regulatory advantages are leading to practical implementation.

JPYC: Japan’s First Approved Yen-Pegged Stablecoin

In August 2025, Japanese startup JPYC received the Financial Services Agency’s first money transfer business license, marking the launch of Japan’s first yen-pegged stablecoin, JPYC. This stablecoin will be fully backed by assets such as Japanese government bonds and supports 1:1 convertibility. JPYC’s initial focus will be on institutional investors. The company plans for global expansion and to ultimately serve as a key complement to the Digital Yen.

Monex and Convano: Strategic Moves by Financial Leaders and New Entrants

• Monex Group is actively preparing to issue a yen-pegged stablecoin, which will be backed by Japanese government bonds. By leveraging its securities and trading platform expertise, Monex aims to expand into cross-border payments and corporate payment settlements. Company leadership emphasizes that stablecoins are integral to the future of finance, warning that failing to keep pace may result in falling behind.
• Convano, listed on the Tokyo Stock Exchange Growth Market, recently announced plans to develop fiat-backed stablecoins. This further strengthens its position in fintech.

Implications for Newcomers and Future Trends

• Japan’s stablecoin market is on the verge of taking off. JPYC secured early approval, and Monex and Convano are quickly following. Stablecoins will increasingly integrate into cross-border payments and corporate payment settlements.
• The regulatory environment is becoming more mature: Strong oversight is fostering trust, making it easier for businesses and investors to adopt regulated stablecoins.
• Newcomers are advised to monitor trading platforms and related projects, stay informed about regulated pathways and channels, and prepare to participate in the digital finance era.