TL;DR Link to heading

  • 2026: The Year of Implementation: Japan has shifted from regulatory planning to active retail integration.
  • Direct POS Integration: Major pilots involving Lawson and Netstars are verifying how stablecoins can be scanned directly at checkout registers, eliminating the need for separate terminals.
  • Megabank Alliance: MUFG, SMBC, and Mizuho have committed to launching a joint stablecoin for business-to-business transactions by the end of the 2026 fiscal year.
  • Regulatory Milestone: The Financial Services Agency (FSA) officially launched a dedicated “Crypto Assets and Stablecoins Division” in August 2026 to oversee the growing ecosystem.

What is a Stablecoin? Link to heading

A stablecoin is a digital asset designed to maintain a stable value by being pegged 1:1 to fiat currencies, such as the Japanese yen or the U.S. dollar. Unlike volatile cryptocurrencies, stablecoins are intended for daily commerce, cross-border remittances, and instant settlement.

Under Japan’s Payment Services Act (PSA), these are legally defined as “Electronic Payment Instruments” (EPI) and categorized into four types:

  • Type 1: Issued by banks or registered funds transfer service providers.
  • Type 2: Digital assets that can be mutually exchanged with Type 1 instruments, serving as an equivalent economic payment method.
  • Type 3 (Trust-type): Issued through a trust bank, ensuring “bankruptcy remoteness” where assets are 100% protected by the trust.
  • Type 4: Foreign-issued stablecoins (like USDC or RLUSD) handled by licensed domestic mediators.

Timeline Link to heading

2017 – 2022: Establishing the Legal Base Link to heading

  • April 2017: The Payment Services Act is first revised to regulate crypto assets.
  • June 2022: A landmark PSA amendment defines “Electronic Payment Instruments” as a distinct legal category for stablecoins.

2023 – 2025: Alliances and Pilot Preparations Link to heading

  • June 2023: The 2022 stablecoin regulations officially take effect.
  • September 2023: Mitsubishi UFJ Trust and Banking announces the “Progmat Coin” platform to issue “domestic” stablecoins.
  • June 2025: A new PSA amendment is passed to relax reserve rules for trust-type coins and create a “Mediation” license to lower the barrier for new service providers.
  • October 2025: JPYC officially launches its Japanese yen stablecoin under the new regulatory framework.
  • November 2025: Japan’s three megabanks announce a joint study to issue a trust-type stablecoin together.

Early 2026: Retail Testing Begins Link to heading

  • January – February 2026: Netstars conducts Japan’s first technical demonstration for in-store USDC payments at Haneda Airport.
  • April 2026: Netstars announces “StarPay-X,” a vision to bridge traditional Web2 payments with the Web3 financial world.
  • May 2026: SBI VC Trade and Aplus test USDC QR payments at Bic Camera and “Nadai Unatoto” in Osaka.

June – August 2026: The “Lawson Pilots” and Institutional Readiness Link to heading

  • June 1, 2026: The 2025 PSA Amendment is enforced, officially introducing the mediation license and allowing trust-type coins to hold safe assets like government bonds.
  • June 10, 2026: The three megabanks announce they will start actual transactions with their joint stablecoin within FY2026.
  • June 24, 2026: RLUSD becomes the first “Type 4” digital payment instrument handled by a Japanese exchange (SBI VC Trade).
  • July 13, 2026: Netstars commercializes “Stablecoin Pay,” allowing any retailer to accept multiple stablecoins via the StarPay gateway.
  • August 6, 2026: Lawson completes a trial at its Takanawa Gateway City store using JPYC and the HashPort Wallet. This is the first time in Japan a stablecoin payment is linked directly to a convenience store’s POS register.
  • August 7, 2026: The Financial Services Agency officially launches the “Crypto Assets and Stablecoins Division.”
  • August 17, 2026 (Scheduled): Lawson and Netstars will conduct a comprehensive trial at the Gate City Osaki Atrium store. Using MetaMask, stakeholders will test the checkout speed and operation of USDC, USDT, and JPYC integrated with existing POS systems.