Toshiba Joins Japanese Stablecoin Trial with 25 Firms

Toshiba and 25 other companies have joined Japan's six-month program to test yen stablecoins in everyday business use. The Stablecoin Proof of Concept Partners program, led by the Japan Blockchain Foundation, aims to explore potential applications for EJPY, a trust-based, yen-denominated stablecoin centered on Japan Open Chain.

The testing period will cover domestic and cross-border payments, business transactions, digital asset settlement, and Web3 services. Participants will receive EJPY test tokens, wallets, and access to the Japan Open Chain infrastructure for technical trials.

Japan's push for yen stablecoins has gained momentum, with several companies exploring their use in payment systems. Convenience store operator Lawson is testing JPYC at two Tokyo stores, while Japanese logistics group AZ COM Maruwa Holdings plans to use JPYC for payments involving 2,300 business partners and contractors.

The Financial Services Agency established a dedicated Cryptocurrency and Stablecoin Division in August, bringing digital asset supervision under a standalone department. Regulators have continued adjusting oversight as more financial institutions and businesses enter the sector.