Japan’s Blockchain Foundation Drops Plans for a Yen Stablecoin Called EJPY – No Cap on Transactions.

On May 13, the Japan Blockchain Foundation announced it’s launching a new Japanese yen-pegged stablecoin named EJPY. It will live on two blockchains: the homegrown Japan Open Chain (JOC) and Ethereum.

What makes EJPY different? It’s structured as a trust-type stablecoin. Under Japanese law, that means there’s no per-transaction remittance cap. That’s a big deal – because earlier stablecoins like JPYC used a different model (fund transfer service provider) and are limited to 1 million yen per send.

So who’s behind the tech? Japan Open Chain is a layer-1 blockchain run by a group of 14 Japanese companies, including big names like Dentsu, NTT Communications, and SBINFT. The Japan Blockchain Foundation acts as the operator of that consortium.

What’s EJPY actually for? The foundation says it’s aimed at B2B settlements, settling digital asset trades, remittances, and payments across Web3 services. Multi-chain support is being considered down the road.

When will it launch? No exact date yet, but Japanese media outlet NADA News reports the foundation wants it live sometime in 2026.

A little background: Japan’s stablecoin rules went live in 2023. JPYC was the first approved yen stablecoin. Since then, major players have jumped in. SBI Holdings launched its own trust-type stablecoin, JPYSC, earlier this year with Startale Group. And three of Japan’s biggest banks – MUFG, SMBC, and Mizuho – are each working on their own stablecoin or tokenized deposit projects.