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Japan
2026-07-08 22:58:15

Japan's Stablecoin Infrastructure Goes Live: B2B Cross-Border Settlement Costs Drop to 0.5%

Japan's 2023 Payment Services Act revision classified stablecoins as electronic payment instruments, creating a three-tier issuer model. Project Pax, backed by MUFG, SMBC, and Mizuho, targets ¥1 trillion stablecoin issuance by 2028. JPYC became the world's first fully regulated yen stablecoin. B2B settlement costs fell from 2-7% to under 0.5%, settling in under 3 minutes.

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Japan's Stablecoin Infrastructure Goes Live: B2B Cross-Border Settlement Costs Drop to 0.5%