Japan Speeds Stablecoin Push as Toshiba, 25 Others Join EJPY Trial

Twenty-six companies, financial institutions and local governments, including Toshiba Corp., will take part in a pilot project to explore uses for the yen-denominated stablecoin EJPY.

Nada News reported on September 25 that the Japan Blockchain Foundation, which operates the Japan Open Chain consortium, said the previous day it had launched its "Stablecoin Demonstration Experiment Partners" program. Since recruitment began, 26 organizations have indicated their intention to participate.

The participating organizations will spend about six months through February 2027 examining how stablecoins can be used for domestic and cross-border remittances and payments, business-to-business transactions, payments for real-world assets, including real estate, and payments for Web3 services. The foundation initially disclosed 16 participants, including Toshiba, SCSK Corp., Asahi Broadcasting Group Holdings Corp., Hachijuni Nagano Bank and Tagawa City in Fukuoka Prefecture. The remaining 10 will be announced later.

The trial will center on EJPY, a trust-based yen stablecoin that the Japan Blockchain Foundation is preparing to issue. The foundation plans to provide training and individual consultations to participants and set up a testing environment where they can use trial EJPY to identify use cases that could be applied to real business.

The Japan Blockchain Foundation disclosed its plan to issue EJPY in May.