Japan and Singapore Team Up for Stablecoin Payments at Local Stores

NETSTARS, Japan's cashless payment platform, has partnered with Singapore-based imToken to explore the adoption of stablecoin payments at Japanese stores. The two companies signed a non-binding memorandum of understanding (MoU) to examine integrating imToken's wallet infrastructure with NETSTARS' Stablecoin Pay service.

Stablecoin Pay is part of NETSTARS' StarPay-X gateway concept, which aims to connect Web2 and Web3 financial services. The service supports multiple blockchains, wallets, and coins, including the USDC, USDT, and JPYC stablecoins. In August, NETSTARS conducted a proof-of-concept trial of point-of-sale payments using these stablecoins at Lawson stores.

imToken's non-custodial wallet has over 20 million users across more than 150 countries and regions. The cooperation will allow imToken users in Japan to pay with stablecoins at physical stores, extending the use of wallets beyond on-chain activity to everyday spending.