Three-Layer Structure of Japan's Stablecoin Regulatory Regime (JPYC, USDC, Project Pax)
#fintech#stablecoin#JapanFG#EPI
[!info] TL;DR Due to the revised Payment Services Act (→ Japan Financial Regulation — Legal Framework for Tokens, Crypto Assets, and Payments), analysis of stablecoins / electronic payment instruments (EPIs) in Japan must separate issuer, distributor / EPI service provider, platform provider, and wallet / payment route.
Current map (source-refresh 2026-05-21)
| Lane | Current anchor | What to remember |
|---|---|---|
| Funds-transfer-type JPY stablecoin issuer | [[payment-firms/jpyc | JPYC株式会社]] / [[exchanges/jp-exchange-jpyc |
| Foreign stablecoin distribution / EPI service provider | [[exchanges/jp-exchange-sbi-vc-trade | SBI VC Trade]] |
| Trust-type stablecoin / tokenization platform | [[payment-firms/progmat | 株式会社Progmat]] / [[fintech/jp-stablecoin-progmat |
Implication
Stablecoin coverage in this wiki should route as follows:
- issuer / regulated company pages:
JapanFG/ - exchange / EPI distributor pages:
exchanges/ - legal architecture and tokenization model pages:
fintech/ - payment / wallet route pages:
payments/
This avoids the common error of treating a stablecoin issuer, an EPI service provider, and a tokenization platform as the same type of financial institution.