Japan wrote the first stablecoin rulebook — so why is the US pulling ahead?

While the US GENIUS Act is being hyped as a game-changer for stablecoin adoption, Japan's 2023 laws prove that just having rules doesn't mean instant action. Japan had the world's first full stablecoin framework, but adoption's been slow—licensed issuers exist, yet no booming yen-stablecoin economy.

That's from Takashi Tezuka, country manager at Web3 infra dev Startale Group, who dropped this truth bomb in an interview with Cointelegraph. He said the US finally caught up to what Japan did two years ago with the GENIUS Act, but the vibe is different: Japan's 2023 Payment Services Act update only lets licensed banks and money transfer agents issue stablecoins, while the US GENIUS Act opens it up to non-banks too, as long as they meet reserve and compliance standards.

But don't sleep on Japan—they're about to launch their first yen-backed stablecoin this fall, with fintech JPYC leading the charge. It'll be fully collateralized with bank deposits and Japanese gov bonds. Monex Group is also in the mix, considering its own yen-pegged stablecoin for corporate settlements and remittances. If they pull it off, it could bring major scale to Japan's scene and challenge the $270B global stablecoin market dominated by USD tokens like USDT and USDC.

After two years of regulatory groundwork, Japan's set to greenlight its first yen stablecoin this fall. JPYC is registering as a money transfer operator to issue it, backed 1:1 with bank deposits and Japanese government bonds. Monex Group—yeah, the one with Tradestation and Coincheck—is also eyeing a launch, which could add serious cred and user base to the mix.

Startale, Tezuka's company, is pushing hard for adoption. They just partnered with financial giant SBI, who also linked up with Circle (USDC issuer) and Ripple. The goal? Build a platform for tokenized stocks and real-world assets, giving investors 24/7 access, instant cross-border settlements, and fractional ownership.

Tezuka says the next move is programmable treasuries—using stablecoins for automated FX hedging, conditional payments, and real-time capital allocation. Japan might be slow to start, but they're playing the long game for global regulatory maturity.