Japan Blockchain Foundation to Issue Japanese Yen Stablecoin EJPY for B2B Settlements

On May 13, according to The Block, the Japan Blockchain Foundation announced that it will issue the Japanese yen-pegged stablecoin EJPY on the enterprise consortium chain Japan Open Chain and Ethereum. EJPY adopts a trust-type structure, with the foundation acting as the settlor and in discussions with potential trustees. The stablecoin will be used for B2B settlement, digital asset settlement, remittances, and Web3 service payments, with multi-chain compatibility to be considered in the future. Japan Open Chain is operated by 14 validators including Dentsu and NTT Communications. Trust-type stablecoins are not subject to the 1 million yen remittance limit per transaction. The issuance schedule has not yet been determined, but the foundation aims to launch issuance within the year. Previously, SBI Holdings launched the trust-type stablecoin JPYSC, and three major banks are also promoting pilot programs for stablecoins and tokenized deposits.