The Japan Blockchain Foundation has announced plans to issue a Japanese yen-pegged stablecoin called EJPY on both Ethereum and Japan Open Chain (JOC), as competition in Japan’s regulated stablecoin market continues to grow.
The foundation disclosed Wednesday that EJPY will operate as a trust-type stablecoin, a structure that allows issuers to avoid the 1 million yen per-transaction limit imposed on fund transfer service providers under Japanese regulations.
🇯🇵 The Japanese yen-backed stablecoin “#EJPY” is officially coming.
Japan Blockchain Foundation has formally decided to issue EJPY under a trust-type scheme — a major step toward evolving #JapanOpenChain into a real payment infrastructure.
✅ B2B payments
✅ Digital asset…— Japan Open Chain (@Japanopenchain0) May 13, 2026
According to the announcement, the foundation will act as the settlor for EJPY and is currently in talks with potential trustees that will manage the stablecoin framework.
Japan Open Chain is an Ethereum-compatible Layer 1 blockchain backed by a consortium of major Japanese firms. The network currently operates with 14 validators, including companies such as Dentsu Inc., NTT Communications, and SBINFT Co..
EJPY targets payments, settlements, and Web3 use
The foundation said EJPY is being developed to support real-world blockchain transactions across multiple sectors.
According to the release, the stablecoin is expected to power B2B settlements, digital asset payments, remittances, and transactions within Web3 services running on Japan Open Chain.
The team also stated that future multi-chain support for EJPY is under consideration, signaling plans for broader interoperability beyond Ethereum and JOC.
While the official issuance timeline has not yet been finalized, local media outlet NADA News reported that the foundation is aiming to launch EJPY within 2026.
Japan’s stablecoin market continues expanding
Japan’s stablecoin sector has accelerated since regulators introduced a legal framework for stablecoins in 2023 and approved JPYC as the country’s first yen-backed stablecoin.
Several major financial institutions have since entered the market. SBI Holdings recently introduced its trust-type stablecoin JPYSC through a partnership with Startale Group.
At the same time, Japan’s banking giants MUFG, SMBC, and Mizuho are also testing stablecoin and tokenized deposit projects as the country pushes deeper into blockchain-based finance.
Does Japan’s digital finance reforms support EJPY launch?
EJPY’s launch comes as Japan pushes major crypto reforms under its 2026 “Digital Year” agenda. Earlier this year, the government approved a bill to reclassify crypto assets under the Financial Instruments and Exchange Act (FIEA), aiming to expand institutional access and reduce some crypto tax burdens.
The reforms are helping position Japan as a more regulated and institution-friendly crypto market. Against this backdrop, EJPY is emerging as one of the first enterprise-focused stablecoins built to operate under Japan’s evolving legal framework.
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