Japan established the world's first comprehensive stablecoin regulatory framework in 2023, yet adoption has been slow. While licensed issuers exist, a vibrant yen-stablecoin economy has not materialized. In contrast, the U.S. GENIUS Act has created a more favorable environment for stablecoin issuance by allowing not just banks but also federally licensed non-bank companies to issue stablecoins. This has resulted in a significant adoption gap between the two nations, stemming from differing regulatory philosophies—Japan prioritizing systemic stability and the U.S. fostering market openness. Despite Japan's slower progress, the country is now preparing to approve its first yen-denominated stablecoin, aiming to integrate blockchain-based remittances and payments. Notable projects include JPYC, which is set to launch as a fully collateralized stablecoin, and Monex's plans for a yen-pegged stablecoin. These initiatives could finally position Japan within the global $270 billion stablecoin market, currently dominated by U.S. dollar tokens. Moreover, the collaboration between Startale and SBI aims to expand the use of stablecoins in corporate settings, enhancing liquidity and enabling programmable financial solutions.

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