Monex Group, a Tokyo-listed financial services company, is considering launching a stablecoin tied to the Japanese yen as regulators prepare to open the door to domestic fiat-pegged tokens, Chairman Oki Matsumoto said in a televised interview this week.
“Issuing stablecoins requires significant infrastructure and capital, but if we don’t handle them, we’ll be left behind,” Matsumoto told TV Tokyo. He added the company would “respond properly” as the market develops.
The proposed yen-backed stablecoin would be supported by assets such as Japanese government bonds and redeemable one-to-one against the yen. Potential uses include cross-border remittances and corporate settlement, according to the company. Japan is the world’s third-largest economy, with annual remittances from residents and businesses exceeding $4.5 billion, according to World Bank data, underscoring the potential demand for faster, cheaper digital settlement tools.
Monex, which owns Japanese crypto exchange Coincheck and runs a domestic brokerage business, plans to leverage both arms of its operations to advance the initiative. Coincheck is one of Japan’s largest digital asset platforms, serving over 1.8 million verified users as of 2024, and was acquired by Monex in 2018 following a $530 million hack that shook the country’s crypto industry. Monex also oversees Monex Securities, a leading online brokerage with more than ¥6 trillion ($41 billion) in customer assets under custody.
Matsumoto also disclosed that Monex is in final negotiations to acquire European crypto-related firms, hinting that an announcement could be made within days. Earlier reports in Nikkei suggested that the target could be a custodian or digital asset infrastructure provider, aimed at strengthening Monex’s cross-border business.
The move would follow the listing of Coincheck Group on Nasdaq at the end of last year, further expanding Monex’s overseas footprint. Coincheck Group debuted via a SPAC merger with Thunder Bridge Capital Partners IV in March 2024, valuing the company at around $1.25 billion at the time of listing.
The timing aligns with shifting regulation in Japan. The Financial Services Agency (FSA) is expected to approve the issuance of yen-denominated stablecoins as early as this fall — the first such domestic approvals. The push follows Japan’s 2023 decision to lift its ban on foreign-issued stablecoins, a move that has already enabled the introduction of Circle’s USD Coin (USDC) into the market. Mitsubishi UFJ Trust and Banking Corporation has also been developing its own “Progmat Coin,” a platform for issuing bank-backed stablecoins, signaling rising competition among Japanese financial institutions.
Earlier this year, the FSA backed recommendations to ease rules governing stablecoin issuance, part of a broader effort to encourage digital asset adoption under regulated conditions. The reforms include requirements that issuers maintain reserves in trust with licensed Japanese custodians, provide daily disclosure of collateral, and implement strict anti-money laundering controls, according to FSA policy papers.
Monex’s entry could place it among the first major Japanese financial groups to issue a locally backed stablecoin, positioning the company to compete with global rivals at a time when stablecoins are becoming a key piece of cross-border finance. Global stablecoin circulation now exceeds $160 billion, with Tether (USDT) and Circle’s USDC accounting for over 85% of the market, according to CoinGecko. Analysts expect yen-pegged coins to play a strategic role in Asia, where regional trade exceeds $6 trillion annually.
