Japan’s Monex Group Eyes Yen-Pegged Stablecoin as Digital Finance Race Heats Up
Monex Group, a Tokyo-based publicly traded financial services company, is weighing the launch of a yen-backed stablecoin, according to Chairman Oki Matsumoto.
In an interview with TV Tokyo on Tuesday, Matsumoto stressed the urgency of moving forward in digital finance:
“Issuing stablecoins requires significant infrastructure and capital, but if we don’t handle them, we’ll be left behind. We will respond properly.”
Monex’s Stablecoin Plan
If launched, Monex’s stablecoin would be fully collateralized by assets such as Japanese government bonds and redeemable 1:1 with the yen. The stablecoin would be geared toward international remittances, corporate settlements, and other financial applications.
Monex plans to leverage its ownership of Coincheck, a leading Japanese crypto exchange, along with its securities brokerage arm to expand the project’s reach. Matsumoto also revealed that the company is in the final stages of negotiations to acquire European crypto-related companies, with an announcement possible “within days.” This would mark another step in Monex’s overseas expansion, following the Nasdaq debut of Coincheck Group at the end of last year.
Stablecoin Market Opening in Japan
The move aligns with recent developments in Japan’s stablecoin regulatory environment. The Financial Services Agency (FSA) is expected to approve the country’s first yen-denominated stablecoins this fall — the first time domestic fiat-backed digital tokens would be legally issued.
This follows March’s approval of Circle’s USD Coin (USDC) in Japan, supported by SBI’s crypto subsidiary, marking the first time a foreign stablecoin gained official clearance in the country.
Japan’s shift began in 2023 when it lifted its ban on foreign stablecoins. Earlier this year, the FSA approved a report recommending eased regulations for stablecoin issuance, paving the way for players like Monex and fintech startup JPYC to enter the market.
Outlook
If Monex proceeds, its stablecoin could become a cornerstone in Japan’s push to digitize the yen and modernize cross-border payments. Combined with potential acquisitions in Europe, the company is positioning itself as a global player in the evolving stablecoin economy, one still largely dominated by USD-pegged assets like Tether (USDT) and Circle’s USDC.