Japan Open Chain is looking at B2B payments as the EJPY system takes shape
The Japan Blockchain Foundation has announced plans to release EJPY, the Japanese yen stablecoin, on the Japan Open Chain and Ethereum.
Summary
- EJPY is targeting B2B settlements on the Japan Open Chain, with Ethereum support planned from the start.
- EJPY’s launch terms and timing remain undetermined by regulatory review, trustee selection, and partner negotiations.
- JPYC, JPYSC, and banking pilots show that the Japanese yen stablecoin market is quickly becoming saturated now.
The foundation operates the consortium behind Japan Open Chain, an Ethereum-compatible Layer 1 public blockchain managed by Japanese businesses.
The group said that EJPY is managed under a trust-type structure, and the foundation acts as a residence. It said discussions with potential trustee businesses include issuance, redemption, trust asset management, system requirements, and legal compliance.
Meanwhile, EJPY is being prepared first for the Japan Open Chain. The foundation said the token could support B2B settlements, digital asset payments, cash withdrawals, and Web3 payments. It also said that EJPY is “expected to generate transactions based on real demand,” a forward-looking claim that still depends on partners, users, and approvals.
Japan Open Chain is operated by 14 validators, including Dentsu, NTT Communications, GUTechnologies, SBINFT, Pacific Meta, and Nethermind. The network says it plans to expand to 21 validators over time. Its native JOC Coin was listed on Zaif in February 2026, giving the ecosystem another home for trading.
A trust model can facilitate greater referrals
The trust-type model may set EJPY on a different path from other previous yen stablecoin structures. Official and market analysis of Japan’s stablecoin regulations says that fund transfer service provider models face a 1 million yen limit, while trust-type stablecoins may avoid that cap.
That point is important for corporate settlement. Large companies need high value transfers, fast redemptions, and clear legal management before they can use stablecoins in regular currencies. The foundation has not named a trustee, managing firms, launch date, or final service list. It also said the announcement “does not constitute a sale, offer, or solicitation.”
Japan’s yen stablecoin market is booming
The EJPY plan comes as Japan’s stablecoin-dominated market takes off. Related reports noted that JPYC launched Japan’s first yen-backed stablecoin in October 2025, backed by yen deposits and Japanese government bonds. Some market updates noted that SBI Holdings and Startale Group are preparing JPYSC under Japan’s Type III framework for institutional payments.
Japan’s Financial Services Agency has also backed a bank-led stablecoin project that includes MUFG, SMBC, and Mizuho. The project is tied to blockchain-based payment tests and corporate payment use cases. Those efforts put EJPY in a broader race to move the yen’s settlement to the regulated rails of the blockchain.
