Japan Confirms Plans for Trust-Based Yen Stablecoin Launch

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Web3 operator Japan Blockchain Foundation confirmed plans to issue EJPY, a trust-based stablecoin pegged to the Japanese yen and built around Japan Open Chain, an Ethereum-compatible blockchain run by major domestic enterprises. The project targets business settlements, remittances, digital asset payments, and broader Web3 transactions as Japan continues expanding its regulated stablecoin infrastructure. The announcement adds to growing institutional efforts across Asia to move real-world payments and financial activity onto blockchain rails.

Japan Open Chain Targets Real Payment Activity

According to the announcement shared by CoinPost on May 13, EJPY will initially focus on Japan Open Chain (JOC), a public blockchain compatible with Ethereum (ETH) and backed by enterprise validators including firms tied to telecom and financial infrastructure.

Japan Blockchain Foundation said the goal is to transform JOC into more than a technical blockchain layer by enabling actual value transfer and payment activity on-chain. As Japan Blockchain Foundation CEO Daiaki Inaba explained:

“Stablecoins are at the core of the next generation of financial infrastructure.”

The organization said it was designing EJPY specifically for B2B settlements, digital asset transactions, transfers, and Web3-related payments. Officials added that the network is being structured to support both domestic and international corporate usage over time.

Unlike speculative crypto-focused payment systems, the project aims to become regulated financial infrastructure aligned with Japanese legal requirements around trust-based stablecoins.

The foundation also confirmed the consideration of multi-chain expansion, though issuance and distribution currently center around JOC.

Japan’s Stablecoin Market Continues Expanding

Japan has gradually emerged as one of the more active jurisdictions for stablecoin development after introducing legislation that formally recognized and regulated fiat-backed stablecoins.

Several major financial groups are already working on similar initiatives. JPYC has launched earlier-stage products, and SBI Holdings and Startale are developing the JPYSC stablecoin initiative. Japanese megabanks have also participated in stablecoin issuance and settlement experiments over the past two years. As Inaba said:

“We believe that being able to fully prepare for the issuance of the Japanese yen-denominated stablecoin ‘EJPY’ is an important step.”

The latest announcement didn’t provide a firm launch date, and Japan Blockchain Foundation said it would decide the release terms and companies involved after discussions with authorities and business partners.

Still, the move signals that Japan’s stablecoin push is increasingly moving away from limited testing and toward infrastructure aimed at handling real commercial payment activity.