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Japan Stablecoin 2026 event tracker · JPYC × Progmat × DCJPY × SBI VC Trade × FSA EPI amendment

Confidence: Likely Updated 2026-05-25 Review by 2026-11-25 Sources 10 Machine-translated Original (JA)
#fintech#stablecoin#japan#jpyc#progmat#dcjpy
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TL;DR

2026 年 is the turning point of Japan’s stablecoin industry from “PoC → mainnet.” JPYC launched on the formal mainnet (Ethereum + Polygon + Astar) in 2025-Q4 and reached circulation of approx. ¥9.2B (~$60M) in 2026-05 ; Progmat plans to launch a USD-anchored 第3号 EPI (Progmat USD) led by megabank trusts in 2026-Q2 ; DCJPY (DeCurret) moves into the production operation of a closed consortium of major trading companies + power companies + retail/distribution in 2026-Q1 ; SBI VC Trade USDC is the sole authorized distribution channel for USDC within Japan with circulation of approx. ¥45B (~$295M) (→ SBI × JPYC × Circle ring shareholding — Japan stablecoin distribution channel); at least 2 社 of KDDI au Wallet × NTT Docomo dpay × LINE Finance × PayPay are considering an EPI service provider application in 2026-Q3-Q4 . The FSA EPI amendment (second round) plans to open public comment in 2026-Q2 , with the points being clarification of the formation / distribution rules for trust-type SCs + expansion of the distribution scope of overseas SCs + the treatment of yield-bearing SCs for institutional investors.

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 EPI three-type architecture · trust type / bank type / funds-transfer-operator type overview for taxonomy, and Japan SC 4 -camp comparison · under the §501(d) lens, SBI Circle = #1 for the competitive landscape. For the main issuers / distributors, see JPYC Inc., Progmat, SBI VC Trade.

2026 Major-event timeline

MonthEventRelated entitiesImplication
2025-Q4JPYC formal mainnet goes liveJPYC株式会社”EPI 第1号” kicks off (after the amended Payment Services Act)
2025-12DCJPY consortium moves to production operationDeCurret + Mitsubishi Corp + Kansai Electric Power + AEONProduction B2B settlement for trading companies, power, and distribution
2026-01SBI VC Trade USDC handling expands (corporate OTC added)SBI VC Trade + CircleDomestic USDC circulation breaks ¥30B
2026-Q1Progmat × MUTB × SMBC × Mizuho 第3号 EPI USD-anchored design completed (announced)Progmat + the three megabank trustsTrust-type USD SC design completed
2026-Q2Progmat USD launch (planned)ProgmatJapan’s first trust-type USD SC mainnet
2026-Q2FSA EPI amendment second round, public comment opens (planned)FSAClarification of trust-type SC regulation + expansion of overseas SC distribution
2026-Q2JPYC circulation breaks ¥10B (forecast)JPYC株式会社Scale benchmark for EPI 第1号
2026-Q3KDDI au Wallet considers EPI service provider application (reported)KDDI + au PAYObservation of entry of the 1社 carrier-affiliated camp
2026-Q3NTT Docomo dpay reconsiders crypto-asset support (reported)NTT DocomoMovements of the 2社 carrier-affiliated camp
2026-Q4LINE Finance × LINE Pay clarify SC strategy (forecast)LINE Finance + Z HoldingsPossibility of linkage with the LINE Xenon JPY SC
2026-Q4PayPay × SoftBank announce SC-involvement policy (forecast)PayPayObservation of entry by the largest domestic QR payment

JPYC mainnet expansion

Current status (2026-05):

  • Circulation ¥9.2B (~$60M), expanded 7.5x in 6 months since the 2025-Q4 mainnet launch
  • Deployed chains: Ethereum (mainstream) + Polygon + Astar + Avalanche (sequentially)
  • Number of users (wallet holders) approx. 12 万
  • Main use cases: DeFi (Aave / Compound JPY pair) / cross-border remittance (Philippines / Vietnam) / crypto-exchange JPY pair (Bitbank / BITPoint / some overseas exchanges) / corporate B2B payroll & expense settlement (limited pilot)
  • Regulatory status: FSA funds-transfer Type II registration (Director-General of the Kanto Local Finance Bureau 第00099号), the “EPI 第1号” positioning after the 2024 年 amended Payment Services Act (→ Japan EPI three-type architecture · trust type / bank type / funds-transfer-operator type overview)

2026 H2 plan:

  1. Phased increase of the remittance limit: current ¥1M/transaction → ¥3M/transaction (under application)
  2. JPYC v2 release (EIP-3009 / Permit + USDC-style ERC-20 Permit + Multi-chain canonical bridge standardization)
  3. Surpassing 50 社 corporate partners: expansion of production operation for payroll, expense settlement, and small-value payments
  4. Formal listing on overseas exchanges: Binance Japan (within the EPI scope if listed) / KuCoin / Bybit, etc., though the need to go through a domestic EPI service provider is unclear
  5. Provision of a Stripe / Square-style API: development of a JPYC direct-connection SDK
  6. DeFi integration: deepening of Aave + Compound + Curve JPY pools + spot liquidity via Uniswap v4 hooks

JPYC is a typical funds-transfer-type EPI (amended Payment Services Act Type II), so its regulatory path differs from trust-type SCs (Progmat) or ECISB-routed SCs. For details see Japan SC 4 -camp comparison · under the §501(d) lens, SBI Circle = #1 and Japan ECISB license.

Progmat USD launch (trust-type USD SC)

Positioning: Progmat (→ Progmat) is a digital-asset platform invested in by megabank trust banks (MUTB 49% + SMBC 15% + Mizuho 15%) + NTT Data + JPX. The issuers are the trust banks; Progmat is the platform provider.

Design concept of Progmat USD (based on the 2026-Q1 announcement):

  • Issuers: a joint trust scheme of Mitsubishi UFJ Trust Bank (lead) + Mizuho Trust Bank (joint) + Sumitomo Mitsui Trust Bank (joint)
  • Legal positioning: USD-anchored as a specified trust beneficiary right (第3号 EPI) under the amended Payment Services Act
  • Backing assets: US short-term Treasuries + USD deposits (MUFG NY Branch / US correspondent banks) + USD cash
  • Third-party audit: monthly PwC Aarata + Deloitte Tohmatsu
  • Chains: Ethereum + Polygon + Avalanche + JPX-DLT (Hyperledger Besu, a private network for domestic institutions)
  • Target: USD settlement / FX hedging / cross-border B2B settlement for institutional investors + major corporations
  • Distribution scheme: distribution via EPI service providers such as SBI VC Trade; no direct listing on overseas exchanges for the time being

Linkage with Project Pax: Progmat USD is also positioned as the production version of “Project Pax” (a joint MUFG + SBI proof of concept) that enables SWIFT MT 103 → blockchain-based cross-border USD settlement. Progmat USD = a trinity of “trust-type SC + SWIFT compatibility + institutional-grade USD settlement.”

Significance: This is the first USD-denominated implementation of Japan trust-type SC architecture. Progmat had so far centered on JPY-based STs + real-estate / corporate-bond STs, but the USD SC unlocks international institutional-investor use cases.

DCJPY (DeCurret) consortium production

DCJPY is a private SC operated by DeCurret Holdings (the former DeCurret Co., Ltd.). Features: a bank-issued type (each bank issues a JPY-based “digital currency” + it circulates interoperably on the DCJPY network) → see DCJPY / D-Curret DCP Co., Ltd. — Deposit token specialized platform.

2025-12 → 2026-Q1 move to production operation (based on announcements):

  • Participating banks (issuers): MUFG Bank / Mizuho Bank / Sumitomo Mitsui Banking Corporation / Resona Bank / other regional banks (sequentially)
  • Participating consortium (users): Mitsubishi Corp + Kansai Electric Power + AEON + JR East + NTT East + major trading companies & logistics firms
  • Use cases: B2B settlement (trading company ↔ manufacturer, parts payments) + power-wholesale-transaction settlement + distribution supply chain (AEON × wholesalers, business-to-business)
  • Scale (2026-05): monthly circulation ¥150B ($1B-equivalent)

Important distinction: DCJPY is technically a separate lineage from JPYC or Progmat (a “bank-issued + consortium-interoperable” model), and whether the 第3号 EPI applies to it is a point of debate from a regulatory standpoint (because it is not a trust scheme, some commentators treat it as a separate category). The FSA currently tacitly permits DCJPY as “banks’ self-management of electronic payment instruments.” The FSA EPI amendment second round may resolve this ambiguity.

SBI VC Trade USDC expansion

SBI VC Trade (→ Jp Exchange SBI Vc Trade) is an EPI service provider (Director-General of the Kanto Local Finance Bureau 第00001号), the sole authorized licensee handling USDC within Japan.

2026 H1 expansion:

  • Circulation balance ¥45B (~$295M, 2026-05), expanded 2.5x from ¥18B in 2025-12
  • Launch of corporate OTC services (2026-01) → unlocks a path for Japanese companies to directly hold USDC
  • DeFi linkage (limited): indirectly provides a USDC deposit path to some compliant protocols via SBI VC Trade
  • In-house development of automated KYC + Travel Rule support via smart contracts is underway
  • Plans to announce a direct correspondent relationship with Circle Japan in 2026-Q2

Implication of the SBI x JPYC ring: SBI and JPYC have no capital relationship, but SBI VC Trade handles USDC, and SBI Holdings shows an investment / support stance toward the entire domestic EPI industry, including JPYC. This is detailed in SBI × JPYC × Circle ring shareholding — Japan stablecoin distribution channel.

Observation of entry by carrier / QR-payment forces

Observed targets 4 社 (2026 H2 movements):

KDDI au Wallet / au PAY

  • Reported (2026-04 Nikkei): “KDDI is considering an EPI service provider application, eyeing the SC-conversion of au PAY balances”
  • Strategy: integrate au users (~4,500 万 IDs) into the 1 SC ecosystem
  • Issues: legal reconciliation with the existing prepaid payment instrument (au Wallet), and whether KDDI issues an SC alone or becomes a distributor like SBI VC Trade

NTT Docomo dpay / d-barai

  • Reported (2026-03): “Docomo downsized its crypto-asset division in 2024 年 but is reconsidering it in 2026 ”
  • Strategy: SC-conversion of d-barai (~5,000 万 IDs) + Docomo Bank (after the Shinsei Bank integration)
  • Issues: reconciliation of its relationship with the former Coincheck lineage (Monex Group affiliation)

LINE Finance / LINE Pay / LINE Xenon

  • The LINE Xenon JPY SC has been in a halted state since the past (2020-2022) PoC stage
  • The SC strategy after the reorganization of Z Holdings (LINE + Yahoo Japan + the parent of PayPay) is undecided
  • Reported (2026-05): “Z Holdings is reconsidering an SC-integration strategy internally”
  • Strategy: cross-border use of LINE Pay (~9,000 万 IDs, mainly in the Asian region) via an SC

PayPay

  • The largest domestic QR payment (~6,000 万 IDs, monthly settlement ¥3T+)
  • The direction of its SC strategy is complex due to the capital relationship with SoftBank
  • On a publicly announced basis, SC involvement is not yet stated, but industry observation holds that “PayPay → SC linkage OR in-house SC issuance” may materialize by 2027

Implication: If any 1 社 of 4 社 enters as an EPI service provider or trust-type SC issuer, Japan’s SC market will expand at once to a “tens-of-millions-of-users scale.” This means the establishment of the “carrier / QR-payment 4 camp” in Japan SC 4 -camp comparison · under the §501(d) lens, SBI Circle = #1.

FSA EPI amendment second round (2026-Q2 public comment planned)

Point 1: clarification of the formation / distribution rules for trust-type SCs

  • Detailed rules on the issuance / distribution of trust-type USD SCs such as Progmat USD
  • Division of responsibility between the trustee bank and the distributor (EPI service provider)
  • Whether overseas trusts (e.g., BNY Mellon’s USD trust) may be used

Point 2: expansion of the distribution scope of overseas SCs

  • Currently SBI VC Trade handles only USDC → whether other overseas SCs such as USDT / EURC / PYUSD may be distributed
  • A whitelist approach (only FSA-recognized SCs permitted) vs a blacklist approach (explicitly prohibited SCs)
  • Codification of handling criteria (the issuer’s regulatory status + transparency + audit)

Point 3: yield-bearing SCs for institutional investors

  • The treatment of yield-bearing SCs such as USDM (M0) / sUSDe (Ethena) / USDY (Ondo)
  • Currently interest payment is not permitted under the funds-transfer-type EPI framework, and partially permitted under the trust-type EPI framework
  • Examination of a Reg-D 506(c)-like system for institutional investors

Point 4: regulation of DeFi linkage

  • The compliance of DeFi linkage (Aave / Compound) via JPYC / SBI VC Trade USDC
  • Travel Rule support via smart contracts (Japan’s domestic interpretation of FATF Recommendation 16 )
  • Whether “DeFi DEX trading” is regarded as an EPI service provider business

Implication: The FSA EPI amendment second round will break the JPYC-centered status quo and institutionally codify the 4 -camp coexistence structure of Progmat (trust-type) + SBI VC Trade (overseas SCs) + carrier-affiliated (new entrants).

Sources