Stablecoins to be Used at Osaka Expo

First USDC, Followed By JPYC to be Used

Stablecoins denominated in dollars or yen will be available at the Osaka-Kansai Expo in Japan. The scope of stablecoin use, which are pegged to fiat currencies, is expanding.

According to the Nihon Keizai Shimbun on the 25th, during September, stablecoins can be used via the official app 'EXPO 2025 Digital Wallet' for payments at the Osaka Expo. Stablecoins are digital currencies stabilized by backing assets like deposits and government bonds using blockchain technology, maintaining a 1:1 peg with fiat currency values. With fast transfer speeds and low fees, stablecoins are expected to spread in payment sectors.

From August 13, USDC, a dollar-denominated stablecoin issued by Circle, will be available at the Expo. The expo will allow 'EXPO tokens', which are points that can be accumulated at the venue, to be exchanged for USDC. EXPO tokens are converted at 1 yen per token and can then be used after charging them into the Expo's digital currency 'Myakupe!'. If you swap Myakupe! for USDC instead, it can be exchanged for fiat currencies such as dollars and yen. Incoming deposits to your account or remittances to other digital wallets are also possible.

In the future, through the EXPO 2025 Digital Wallet, the first yen-denominated stablecoin JPYC issued in Japan will also be available from September. After October 13, when the Expo concludes, the developer HashPort will relaunch the wallet as the 'HashPort Wallet'. HashPort is preparing to allow JPYC and yen exchanges in the new app. JPYC, developed by the Japanese fintech company JPYC, is the first yen-denominated stablecoin issued by a Japanese provider under the Payment Services Act. The EXPO 2025 Digital Wallet has been downloaded 700,000 times.

Tokyo = Ilkyu Kim, Correspondent black0419@hankyung.com