Japan Accelerates Stablecoin Push as Toshiba, 25 Others Join EJPY Pilot

Toshiba is among 26 companies, financial institutions and local governments participating in a pilot project to explore use cases for the yen-denominated stablecoin EJPY.

Japanese blockchain outlet NADA News reported on September 25 that the Japan Blockchain Foundation, which operates the Japan Open Chain consortium, launched its "Stablecoin Demonstration Experiment Partners" program a day earlier. So far, 26 organizations have expressed interest in taking part since recruitment began.

Participating institutions will spend about six months, through February 2027, studying how stablecoins can be used for domestic and cross-border remittances and payments, business-to-business transactions, payments for real-world assets, or RWAs, and payments for Web3 services. The first 16 participants disclosed include Toshiba, SCSK, Asahi Broadcasting Group Holdings, Hachijuni Nagano Bank and Tagawa City in Fukuoka Prefecture. The remaining 10 will be announced later.

The pilot will center on EJPY, a trust-based yen stablecoin that the Japan Blockchain Foundation is preparing to issue. The organization plans to provide training and one-on-one consultations to participants and set up a testing environment using trial EJPY to support the development of use cases that can be applied to actual businesses.

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