The Japanese yen-denominated stablecoin market is really starting to move in earnest. JPYC announced that the cumulative issuance on its issuance and redemption platform, “JPYC EX,” has exceeded 1 billion yen, but I don’t think this is just a numbers story—it’s proof that the market is actually maturing.

The fact that the number of JPYC EX accounts has reached 13,000 means that not only individuals, but also startups and existing businesses have begun using it seriously. As a fund transfer service provider, it complies with regulations, so it works as a practical payment infrastructure rather than just a speculative cryptocurrency. It also preserves the underlying assets through savings deposits and government bonds, which adds to the sense of security.

It’s also interesting that it supports three chains: Avalanche, Ethereum, and Polygon. By supporting multiple chains, users’ choices are expanded and convenience has improved. In actual usage, it’s becoming more diverse too—expanding beyond simple payments into practical areas such as paying at physical stores, distributing incentive rewards for campaigns, and using points.

Even more noteworthy is that partnerships with major companies are accelerating. Asteria has entered a capital and business alliance and started offering “JPYC Gateway.” This connects a company’s financial accounting systems directly with stablecoins, enabling fee reductions and instant transfers. TIS has also reportedly reached a basic agreement, and plans to conduct pilot experiments with major operators between spring and summer 2026.

Tokyo is also moving. In its 2026 fiscal year budget proposal, it has allocated 200 million yen for a “Stablecoin Social Implementation Promotion Project,” and plans to support five projects with a subsidy rate of three-quarters. When there’s backing at the local government level, its position as truly social infrastructure starts to solidify.

JPYC says it aims to reach an outstanding issuance balance on the order of 10 trillion yen in three years, so it’s clear this is still early. With the design as open financial infrastructure really coming into effect, collaboration is advancing across various areas—such as in-store payments, inter-company settlements, Web3 wallets, corporate accounting SaaS, and creator support. Judging from how this ecosystem is expanding, I think Japan’s yen-denominated stablecoin market will genuinely become fully established.