Key Takeaways:
Japan’s Payment Services Act, revised in June 2023 and updated through 2026, created the world’s strictest stablecoin issuer rules. Project Pax, backed by MUFG, SMBC, and Mizuho, targets 1 trillion yen in B2B stablecoin issuance by 2028. JPYC became the world’s first fully regulated yen-pegged stablecoin under a Type II license in October 2025. The Most Important Crypto Standards Nobody Is Talking AboutThe infrastructure Japan has built between 2023 and 2026 makes that statement less like corporate optimism and more like an accurate read of what has already happened.
