Japan Blockchain Foundation has announced plans to issue EJPY, a Japanese yen-pegged stablecoin, on Japan Open Chain and Ethereum.
Summary
- EJPY targets B2B settlements on Japan Open Chain, with Ethereum support planned from the start.
- EJPY launch terms and timing remain undecided pending regulatory reviews, trustee selection, and partner talks.
- JPYC, JPYSC, and bank pilots show Japan’s yen stablecoin market is becoming crowded fast now.
The foundation operates the consortium behind Japan Open Chain, an Ethereum-compatible Layer 1 public blockchain run by Japanese enterprises.
The group said EJPY is being prepared under a trust-type structure, with the foundation acting as settlor. It said talks with potential trustee businesses cover issuance, redemption, trust asset management, system needs, and legal compliance.
Meanwhile, EJPY is being prepared first for Japan Open Chain. The foundation said the token could support B2B settlements, digital asset settlements, remittances, and Web3 payments. It also said EJPY is “expected to generate transactions based on real demand,” a forward-looking claim that still depends on partners, users, and approvals.
Japan Open Chain is operated by 14 validators, including Dentsu, NTT Communications, G.U.Technologies, SBINFT, Pacific Meta, and Nethermind. The network says it plans to expand to 21 validators over time. Its native JOC Coin was listed on Zaif in February 2026, giving the ecosystem another domestic trading venue.
Trust model may help large transfers
The trust-type model may place EJPY in a different lane from some earlier yen stablecoin structures. Legal and market commentary on Japan’s stablecoin rules says fund transfer service provider models face a 1 million yen limit, while trust-type stablecoins may avoid that cap.
That point matters for corporate settlement. Large companies need high-value transfers, fast redemption, and clear legal handling before they use stablecoins in routine finance. The foundation has not named the trustee, handling firms, launch date, or final service list. It also said the announcement “does not constitute a sale, offering, or solicitation.”
Japan’s yen stablecoin market widens
The EJPY plan arrives as Japan’s regulated stablecoin market becomes more active. Related reports noted that JPYC launched Japan’s first yen-backed stablecoin in October 2025, backed by yen deposits and Japanese government bonds. Other market updates noted that SBI Holdings and Startale Group are preparing JPYSC under Japan’s Type III framework for institutional payments.
Japan’s Financial Services Agency has also supported a bank-led stablecoin project involving MUFG, SMBC, and Mizuho. The project is tied to blockchain-based payment trials and corporate settlement use cases. Those efforts place EJPY inside a wider race to move yen settlement onto regulated blockchain rails.
