Japan Blockchain Foundation Plans EJPY Stablecoin for JOC and Ethereum

TLDR

• EJPY Stablecoin targets JOC and Ethereum for regulated yen payment rails now
• Trust-type EJPY model may support larger corporate yen settlements in Japan
• Japan Open Chain validators back enterprise-focused yen payment rails for EJPY
• EJPY enters Japan’s widening race for regulated blockchain-based settlement
• Foundation weighs trustees, compliance, and launch details for EJPY rollout

Japan Blockchain Foundation has moved Japan’s stablecoin race into a new phase with its planned EJPY Stablecoin. The yen-pegged token will launch on Japan Open Chain and Ethereum, subject to final approvals. The plan targets business payments, digital settlements, remittances and Web3 use cases.

EJPY Stablecoin Targets JOC and Ethereum

The foundation operates the enterprise consortium behind Japan Open Chain, an Ethereum-compatible Layer 1 public blockchain. The network supports public blockchain use while relying on known Japanese corporate validators. Therefore, the EJPY plan links regulated yen settlement with domestic blockchain infrastructure.

Japan Open Chain currently has 14 validators, including Dentsu, NTT Communications, G.U.Technologies, SBINFT, Pacific Meta, and Nethermind. The network also plans to expand its validator group to 21 members. Besides, its native JOC Coin gained a local trading venue after listing on Zaif in February 2026.

The foundation said it will prepare the EJPY first for Japan Open Chain. However, the token will also support Ethereum, and the group may consider wider chain support later. This structure could help EJPY serve both local enterprise users and broader Web3 payment markets.

Trust Structure May Support Corporate Transfers

The EJPY will use a trust-type structure, with Japan Blockchain Foundation acting as the settlor. The foundation has started discussions with potential trustee businesses. These talks cover issuance, redemption, trust asset management, system design, and legal compliance.

This model could matter for high-value business payments. Market commentary on Japan’s stablecoin rules says fund transfer models face a 1 million yen transfer limit. Trust-type stablecoins may avoid that limit under Japan’s regulatory structure.

Large companies need clear redemption rules, strong legal handling, and reliable settlement speed. Therefore, the EJPY could target corporate payments where capped transfer models may face limits. Still, the foundation has not announced the trustee, launch date, or final operating partners.

Japan’s Regulated Yen Stablecoin Market Expands

The EJPY plan comes after Japan created a clearer stablecoin framework in 2023. Since then, several groups have moved to build yen-backed blockchain payment products. This activity shows rising demand for regulated digital yen settlement.

JPYC launched Japan’s first yen-backed stablecoin in October 2025, backed by yen deposits and Japanese government bonds. SBI Holdings and Startale Group are preparing JPYSC under Japan’s Type III framework. Their project focuses on institutional payments and business settlement use cases.

Japan’s Financial Services Agency has also supported bank-led stablecoin trials involving MUFG, SMBC, and Mizuho. The EJPY enters a wider race to bring yen payments onto blockchain rails. The foundation’s next steps will depend on trustees, compliance reviews, and market adoption.

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