Japan Stablecoin 2026 · Verified Event Tracker
ConfidenceConfirmedUpdated2026-07-30Review by2026-10-30Sources11Machine-translatedOriginal (JA)
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TL;DR
The principal verified events are JPYC’s funds-transfer registration on 2025-08-18 and launch on 2025-10-27; SBI VC Trade’s registration as an electronic payment instruments service provider on 2025-03-04 and general availability of USDC; dated Project Pax demonstrations and joint studies by Progmat / Datachain; and FSA amendments effective on 2026-06-01. The earlier figures for JPYC and USDC circulation, a confirmed Progmat USD launch, monthly DCJPY circulation, and application plans by telecom and QR-payment companies were not supported by the cited official sources and have been withdrawn. ^[https://corporate.jpyc.co.jp/news/posts/jpyc-ex-launch] ^[https://www.sbivc.co.jp/newsview/9ne-b0_5yo] ^[https://www.datachain.jp/news/progmat-and-datachain-launch-project-pax] ^[https://www.fsa.go.jp/news/r7/sonota/20260519/20260519.html]
Wiki route
This entry sits under fintech index. Read it alongside Three-Layer Structure of Japan's Stablecoin Regulatory Regime (JPYC, USDC, Project Pax) for the regulatory frame, Japan's three EPI issuance routes · overview of trust, bank and funds-transfer-provider models for taxonomy, and Four routes for Japanese stablecoins — issuer / distributor / platform / pilot for the competitive landscape. For the main issuers / distributors, see JPYC Inc., Progmat, SBI VC Trade.
Verified timeline
The table includes only dated official releases from the relevant entities and FSA publications; it contains no forecasts. Progmat entries link to the direct record for each event rather than a news-index page. ^[https://corporate.jpyc.co.jp/news/posts/jpyc-ex-launch] ^[https://www.sbivc.co.jp/usdc] ^[https://www.datachain.jp/news/progmat-and-datachain-launch-project-pax] ^[https://www.fsa.go.jp/news/r7/sonota/20260519/20260519.html]
| Date | Verified event | Source |
|---|---|---|
| 2025-03-04 | SBI VC Trade registered as an electronic payment instruments service provider (Kanto Local Finance Bureau No. 00001) | ^[https://www.sbivc.co.jp/newsview/9ne-b0_5yo] |
| 2025-03-25 | SBI VC Trade began offering USDC to the general public | ^[https://www.sbivc.co.jp/usdc] |
| 2024-09-05 | Progmat / Datachain announced Project Pax and a pilot cross-border stablecoin-remittance infrastructure | ^[https://www.datachain.jp/news/progmat-and-datachain-launch-project-pax] |
| 2025-02-17 | Progmat and other parties announced an MOU for a Japan-Korea Project Pax PoC | ^[https://progmat.co.jp/wp-content/uploads/2025/02/20250217_PR_02.pdf] |
| 2025-03-21 | IDA, Progmat, Datachain and TOKI announced a study of a stablecoin-remittance PoC for Hong Kong-Japan trade | ^[https://progmat.co.jp/wp-content/uploads/2025/10/20250321_press-release_Progmat-IDA-and-Datachain-Join-Forces-to-Explore-Stablecoin-Based-Remittances-for-Hong-Kong-Japan-Trade-Efficiency.pdf] |
| 2025-08-18 | JPYC registered as a funds-transfer service provider (Kanto Local Finance Bureau No. 00099) | ^[https://corporate.jpyc.co.jp/news/posts/first-yen-stablecoin-jpyc] |
| 2025-10-27 | Funds-transfer-type JPYC and the JPYC EX issuance and redemption platform launched | ^[https://corporate.jpyc.co.jp/news/posts/jpyc-ex-launch] |
| 2026-02-03 to 03-05 | FSA sought comments on draft Cabinet Office ordinances concerning foreign trust beneficiary rights and related matters | ^[https://www.fsa.go.jp/news/r7/sonota/20260203/20260203.html] |
| 2026-03-18 | SBI VC Trade announced the start of a USDC lending service | ^[https://www.sbivc.co.jp/usdc] |
| 2026-05-08 | Progmat announced a joint study of tokenized JGB / on-chain repo transactions | ^[https://progmat.co.jp/wp-content/uploads/2026/05/20260508_PR_%E3%80%8CLaunch-of-Joint-Study-on-On-Chain-Repo-Transactions-of-Tokenized-JGBs%E3%80%8D.pdf] |
| 2026-06-01 | Amendments concerning the scope and equivalence standards for foreign trust beneficiary rights, and the electronic-payment-instrument and crypto-asset service intermediary regime, took effect | ^[https://www.fsa.go.jp/news/r7/sonota/20260519/20260519.html] ^[https://www.fsa.go.jp/news/r7/sonota/20260522/20260522.html] |
JPYC
JPYC obtained funds-transfer registration on 2025-08-18 and formally launched the funds-transfer-type yen stablecoin JPYC and the JPYC EX issuance and redemption platform on 2025-10-27. The launch announcement named Avalanche, Ethereum, and Polygon as supported chains, with further expansion planned. ^[https://corporate.jpyc.co.jp/news/posts/first-yen-stablecoin-jpyc] ^[https://corporate.jpyc.co.jp/news/posts/jpyc-ex-launch]
This tracker does not record May 2026 circulation, wallet counts, DeFi listings, an application to raise transfer limits, or overseas exchange-listing plans that cannot be confirmed in JPYC’s official news. It also distinguishes JPYC Prepaid from the redeemable electronic payment instrument JPYC launched in 2025.
Progmat / Project Pax
Direct records verify the following milestones: the 2024-09-05 Project Pax pilot announcement, the 2025-02-17 MOU for a Japan-Korea PoC, the 2025-03-21 study of a Hong Kong-Japan trade-remittance PoC, and the 2026-05-08 joint study of tokenized JGB / on-chain repo transactions. Each item is limited to its dated record; no additional milestone is supplied from an index page. ^[https://www.datachain.jp/news/progmat-and-datachain-launch-project-pax] ^[https://progmat.co.jp/wp-content/uploads/2025/02/20250217_PR_02.pdf] ^[https://progmat.co.jp/wp-content/uploads/2025/10/20250321_press-release_Progmat-IDA-and-Datachain-Join-Forces-to-Explore-Stablecoin-Based-Remittances-for-Hong-Kong-Japan-Trade-Efficiency.pdf] ^[https://progmat.co.jp/wp-content/uploads/2026/05/20260508_PR_%E3%80%8CLaunch-of-Joint-Study-on-On-Chain-Repo-Transactions-of-Tokenized-JGBs%E3%80%8D.pdf]
These events do not prove that a specific “Progmat USD” was issued in 2026-Q2, that three trust banks are joint issuers, or that a particular reserve composition, auditor, or chain roster is final. As described in Project Pax, Project Pax is a pilot and development programme, not the commercial launch of a specific token.
DCJPY
The earlier claims of a December 2025 production transition, several megabanks as issuers, and ¥150 billion in monthly circulation cannot be verified from the DCJPY landing page cited by that version and have been withdrawn. Any status update should verify the issuing bank, legal nature of the instrument, production date, use case, and volume in dated releases from the relevant parties. See DCJPY.
SBI VC Trade / USDC
SBI VC Trade registered as an electronic payment instruments service provider (Kanto Local Finance Bureau No. 00001) on 2025-03-04 and began offering USDC to the general public on 2025-03-25. Its official product page also lists the launch of a USDC lending service on 2026-03-18. ^[https://www.sbivc.co.jp/newsview/9ne-b0_5yo] ^[https://www.sbivc.co.jp/usdc]
This tracker excludes domestic circulation balances, corporate OTC, DeFi connectivity, and a correspondent arrangement with Circle that the official page does not establish. It also avoids a permanent “only” claim without a snapshot date because the registration list and supported products can change.
FSA 2026 amendments
From 2026-02-03 through 03-05, the FSA sought comments on draft amendments concerning the scope of foreign trust beneficiary rights that qualify as electronic payment instruments and equivalence standards for handling foreign electronic payment instruments. The results and final ordinances were published on 2026-05-19 and took effect on 2026-06-01. ^[https://www.fsa.go.jp/news/r7/sonota/20260203/20260203.html] ^[https://www.fsa.go.jp/news/r7/sonota/20260519/20260519.html]
Orders and related measures implementing a separate 2025 amendment to the Payment Services Act also took effect on 2026-06-01, establishing the electronic-payment-instrument and crypto-asset service intermediary regime and domestic-asset holding orders. ^[https://www.fsa.go.jp/news/r7/sonota/20260522/20260522.html]
The former wording “public comment planned for 2026-Q2” was obsolete and has been replaced by the final result. Yield-bearing stablecoins, DeFi, particular foreign tokens, or entry by telecom and QR-payment companies should not be treated as settled elements of the amendment.
Tracking rules
Add entry by KDDI, NTT DOCOMO, LINE, PayPay, or another company only when it appears in a register, party release, or statutory disclosure. For media-only information, identify the outlet, publication date, and specific speaker, and do not mix a forecast into the event table. Every quantity must state its as-of date, unit, and whether it measures outstanding issuance or transaction volume.
Related
- FinWiki Fintech Index
- Three-Layer Structure of Japan's Stablecoin Regulatory Regime (JPYC, USDC, Project Pax)
- Japan's three EPI issuance routes · overview of trust, bank and funds-transfer-provider models
- Four routes for Japanese stablecoins — issuer / distributor / platform / pilot
- Progmat, Inc. — Digital-asset platform overview
- DCJPY / DCP Co., Ltd. · a deposit-token platform established by public materials
- Japan trust-type SC architecture
- Japan ECISB license
- SBI × JPYC × Circle ring shareholding — Japan stablecoin distribution channel
- JPYC Inc.
- Progmat
- SBI VC Trade
- Japan Financial Regulation — Legal Framework for Tokens, Crypto Assets, and Payments
- EU MiCA Implementation Status, July 2026 · ESMA EMT/ART Registers and Restrictions on Non-Compliant Stablecoins
Sources
- FSA — crypto-assets and electronic payment instruments https://www.fsa.go.jp/policy/virtual_currency02/index.html
- FSA — May 19, 2026 publication concerning foreign trust beneficiary rights https://www.fsa.go.jp/news/r7/sonota/20260519/20260519.html
- FSA — orders implementing the 2025 Payment Services Act amendment https://www.fsa.go.jp/news/r7/sonota/20260522/20260522.html
- JPYC — funds-transfer service provider registration https://corporate.jpyc.co.jp/news/posts/first-yen-stablecoin-jpyc
- JPYC — formal launch of JPYC / JPYC EX https://corporate.jpyc.co.jp/news/posts/jpyc-ex-launch
- Datachain / Progmat — Project Pax pilot (2024-09-05) https://www.datachain.jp/news/progmat-and-datachain-launch-project-pax
- Progmat et al. — Project Pax Japan-Korea PoC MOU (2025-02-17) https://progmat.co.jp/wp-content/uploads/2025/02/20250217_PR_02.pdf
- IDA / Progmat / Datachain / TOKI — Hong Kong-Japan trade-remittance PoC study (2025-03-21) https://progmat.co.jp/wp-content/uploads/2025/10/20250321_press-release_Progmat-IDA-and-Datachain-Join-Forces-to-Explore-Stablecoin-Based-Remittances-for-Hong-Kong-Japan-Trade-Efficiency.pdf
- Progmat — Tokenized JGB / on-chain repo joint study (2026-05-08) https://progmat.co.jp/wp-content/uploads/2026/05/20260508_PR_%E3%80%8CLaunch-of-Joint-Study-on-On-Chain-Repo-Transactions-of-Tokenized-JGBs%E3%80%8D.pdf
- SBI VC Trade — electronic payment instruments service provider registration https://www.sbivc.co.jp/newsview/9ne-b0_5yo
- SBI VC Trade — USDC product page / dated releases https://www.sbivc.co.jp/usdc
Discovery
Keep reading
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