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Japan Enables Qualified Foreign Stablecoins and Promotes Yen Stablecoins On-Chain
On June 1, 2026, Japan put new Financial Services Agency rules into effect to recognize qualified foreign stablecoins as electronic payment instruments, while the ruling LDP's blockchain panel urged wider use of yen-denominated stablecoins for Asian cross-border payments. The shift comes as the global stablecoin market is over $240 billion and remains heavily dollar-centric, even as local players such as JPYC and bank-backed initiatives target large-scale yen issuance and settlement.