Concerns over declining demand for stablecoins in Japan due to delays in JPYC issuance
The issuance of JPYC is anticipated for autumn 2025, but since the suspension of new JPYC Prepaid issuance in May 2025, users have been unable to utilise JPYC.
The situation where users cannot utilise JPYC applies equally to investors. As investors themselves are eager to commence early use of JPYC, they have no alternative but to exert strong pressure on JPYC.
Amidst this, the domestic circulation of foreign currency-backed stablecoins such as USDC and RLUSD has become established. Consequently, even if a Japanese yen-denominated fiat-backed stablecoin were issued, it would likely further promote the use of already circulating foreign currency-backed stablecoins like USDC. For JPYC, this could lead to accumulated concerns and uncertainties regarding declining demand, as its appeal may be perceived as less than that of foreign currency-backed stablecoins like USDC.
In practical terms, as JPYC advances the issuance of a yen-denominated stablecoin governed by Japanese domestic law, compliance with domestic legal requirements for document submission and applications is indispensable. Given that Japan's approval and authorisation processes are demonstrably slower than those in other developed nations, the competitive advantage of foreign currency-backed fiat-collateralised stablecoins such as USDC is likely to strengthen further.
As of 16 October 2025 (Japan time), due to the CEO of JPYC Inc. being on an overseas business trip, communications from the CEO have been delayed. Consequently, growing dissatisfaction with JPYC and delays in new JPYC issuance are sending a negative message to users and betraying their expectations. This may trigger a shift towards foreign currency-backed stablecoins such as USDC. It must be stated that this is the reality in Japan, and it cannot be denied that this is the responsibility of JPYC.
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JPYCが2025年秋の発行を期待されているが、以前に発行されたJPYC Prepaidの新規発行が2025年5月に発行停止して以降、ユーザーがJPYCを使うことができない状況が続いている
ユーザーがJPYCを使うことができない状況は、投資家も同じことが言えて、投資家自身もJPYCの早期利用を急ぐため、JPYCに強い圧力を加えるしか方法がなくなっています
そんな中でも、USDCやRLUSDなどの外貨系の法定通貨担保型ステーブルコインの国内流通が浸透し、日本円建ての法定通貨担保型ステーブルコインを発行しても、既に国内流通しているUSDCなどの外貨系の法定通貨担保型ステーブルコインの利用促進が進み、JPYCからすれば、USDCなどの外貨系の法定通貨担保型ステーブルコイン以上の魅力低下に需要の低下の懸念と不安材料が蓄積すると見られる
実際問題、JPYCは日本の国内法を準拠した円建てステーブルコインの発行を進めるため、国内法に準拠した書類提出と申請が欠かせず、日本は先進国以上の認可と承認の遅さが露呈していることから、USDCなどの外貨系の法定通貨担保型ステーブルコインの優位性が一層、強まると考えられます
2025年10月16日現在(日本時間)、JPYC株式会社のCEOが海外出張のため、CEO発信が滞っているため、益々のJPYC不満やJPYC新規発行の遅れがユーザーにとって、悪いメッセージと期待の裏切りでUSDCなどの外貨系の法定通貨担保型ステーブルコインにシフトする流れが起きても、それはJPYCの責任であると言わざるを得ないのが、日本の現実と言わなければなりません
