Two Tracks for Non-USD Stablecoins: Japan's Private-Sector JPYC "Mints the Rails" with Cumulative Issuance of JPY 3 Billion, While Taiwan's Central Bank + Legislature "Build the Regulatory Frame" to Defend the Currency
ANK-Doc ID: ANK-2026-06-24-006 Version: v1.0.0 Publication Date: 2026-06-24 Author: Takenouchi Rin (Editor-in-Chief, AI News) Category: Stablecoins / Digital Currency Regulation / Cross-Border Settlement / Financial Infrastructure Articles Covered: PRTIMES#469067 (JPYC Series B cumulative funding of approx. JPY 5 billion), PRTIMES#612885 (JPYC EX cumulative issuance JPY 3 billion / 19,000 accounts), PRTIMES#717677 (TRADOM × JPYC, Japan's first cross-border settlement), PRTIMES#1088367 (LINE NEXT × Danal partnership / JPYC settlement in South Korea), CNA#656180 (Taiwan Legislative Yuan first reading of the Virtual Asset Service Act), CNA#1190291 (Taiwan central bank stablecoin foreign-exchange management mechanism) Selection Method: Using "the institutional paths of non-USD stablecoins" as the thematic axis, six strongly-linked Taiwan–Japan sources were deep-searched and chained from the AI News corpus—first the Japanese private-sector JPYC issuance-and-implementation chain (four PRTIMES articles: funding → issuance volume → cross-border use case → mass-market channel), then the Taiwanese sovereign regulatory chain (two CNA articles: legislative first reading → central bank currency defense), forming an event chain of two non-USD tracks advancing in parallel at the same moment (May–June 2026). Taiwan and Japan form an honest comparison (an institutional race between two non-USD sovereign-currency stablecoins), not a forced pairing.
TL;DR
Non-USD stablecoins are simultaneously taking two institutional paths. Japan's JPYC (private-sector "mint-the-rails"): cumulative issuance surpassed JPY 3 billion, 19,000 accounts opened (as of May 30, 2026), Series B cumulative funding of approximately JPY 5 billion, total transaction volume already exceeding JPY 35 billion, completion of Japan's first cross-border stablecoin settlement, and integration into LINE's ecosystem (a user base of ~100 million, not JPYC holders). Taiwan (sovereign "build-the-frame"): the Finance Committee of the Legislative Yuan passed the first reading of the Virtual Asset Service Act, mandating that stablecoins maintain full reserve assets held entirely in trust, with issuance requiring prior consultation and consent from the central bank; the central bank subsequently announced a stablecoin foreign-exchange management mechanism that brings stablecoin transfers into the existing foreign-exchange framework to defend the currency. One is issuing money; the other is legislating. [F1][F2][F3][F4][F5][F6]
Main Text
The Japan Axis: Private-Sector JPYC "Mints the Rails," Advancing a Yen Stablecoin into Real-World Use From the Bottom Up
Japan's non-USD stablecoin path is led by the private sector. JPYC Inc. obtained Funds Transfer Service Provider registration in August 2025 and began issuance in October of the same year, achieving multiple real-world circulation metrics after only about seven months (PRTIMES #469067). [F1]
As of May 30, 2026, JPYC EX cumulative issuance surpassed JPY 3 billion, with the number of accounts opened reaching 19,000 (PRTIMES #612885). [F2] At the same time, in May 2026, the issuance-cap rule was relaxed from the original "JPY 1 million per day" to "JPY 1 million per transaction," increasing per-transaction circulation flexibility (PRTIMES #612885). [F2] On the capital side, JPYC announced in May 2026 a Series B cumulative additional funding round of approximately JPY 5 billion, marking the formal entry of private capital (PRTIMES #469067). [F3] As of May 2026, its total transaction volume had exceeded JPY 35 billion, with a daily asset turnover rate reaching a level of 100% or more of transaction liquidity, indicating that it is no longer a proof of concept but is in actual circulation (PRTIMES #469067). [F1]
> Figure disambiguation (to prevent conflation during writing): the Series B cumulative funding amount is approximately JPY 5 billion (capital side), while cumulative issuance is JPY 3 billion (circulation volume); these are different metrics and must not be used interchangeably.
On cross-border use cases, JPYC and TRADOM achieved Japan's first cross-border stablecoin settlement in June 2026: with a domestic Japanese payment service provider (PSP) as the principal, stablecoins paid on the overseas side are converted to Japanese yen (redeemed) via JPYC EX, forming a next-generation cross-border settlement model of "stablecoins used overseas, legal tender received in Japan" (PRTIMES #717677). [F4] TRADOM is a financial instruments business operator with capital and capital surplus totaling JPY 683,813,266, established in January 2015, with registration number Director-General of the Kanto Local Finance Bureau (Kinsho) No. 3329 (PRTIMES #717677). [F4]
On the mass-adoption channel side, LINE NEXT and South Korean payment company Danal signed an agreement on June 17, 2026 at the LY Corporation (LINE Yahoo) Akasaka office in Minato-ku, Tokyo, under which JPYC held by Japanese users can be used for seamless settlement at affiliated merchants within South Korea, connecting to LINE's ecosystem on the scale of approximately 100 million people (PRTIMES #1088367). [F5][F6]
The Taiwan Axis: Central Bank + Legislature "Build the Frame," Legislating to Defend the Currency From the Top Down
Unlike Japan's private-sector issuance, Taiwan is taking a path that prioritizes sovereign regulation. On June 3, 2026, the Finance Committee of the Legislative Yuan passed the first reading of the draft Virtual Asset Service Act, mandating that stablecoin issuers establish and maintain full reserve assets, segregated from their own assets (CNA #656180). [F7] Reserve assets must be held entirely in trust at financial institutions, and stablecoin issuers may not pay any form of interest or return; pre-issuance authorization requires consultation with and consent from the central bank (CNA #656180). [F7][F8]
The act also sets strict penalties: those who manipulate stablecoin prices face imprisonment of 3 to 10 years and may additionally be fined between NT$10 million and NT$200 million (CNA #656180). [F9] The transitional arrangement requires applying for authorization within 12 months of implementation and obtaining the license within 21 months; the Executive Yuan passed the draft on April 2, 2026 (CNA #656180). [F10]
Following the legislative first reading, the central bank announced after its board meeting on June 24, 2026 that it would establish a stablecoin foreign-exchange management mechanism under the authorization framework of the Virtual Asset Service Act, proposing three major measures: (1) establishing a stablecoin transfer data reporting mechanism; (2) bringing stablecoin transactions into the existing foreign-exchange management framework; and (3) continuing to monitor stablecoin market developments (CNA #1190291). [F11] The central bank emphasized adherence to the principle of "same activity, same risk, same regulation," and cited the regulatory recommendations of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) as references (CNA #1190291). [F12]
A Mirror of Two Tracks: Issuing Money vs. Defending the Currency
The Japanese and Taiwanese paths form a clear mirror contrast. The Japan axis starts from "private-sector issuance and implementation"—first letting the yen stablecoin circulate in the market, accumulate transaction volume, and build cross-border use cases, with regulation following as circulation matures. The Taiwan axis starts from "sovereign regulation + foreign-exchange defense"—first using legislation to mandate reserves, trusts, and penalties, with the central bank first building a foreign-exchange reporting mechanism, and then letting the market operate within the framework.
The two are not opposed but rather two complementary strategies in the institutional race for non-USD stablecoins: Japan trades speed for ecosystem first-mover advantage (LINE's 100 million users, Japan's first cross-border settlement), while Taiwan trades institutional certainty for financial stability (full reserves, foreign-exchange currency defense). Against a backdrop in which USD stablecoins (USDT, USDC, etc.) dominate global circulation, the yen and the New Taiwan dollar—these two non-USD tracks—are respectively answering the same question through "minting" and "regulation": how can a sovereign currency hold its own track in the stablecoin era?
FAQ
Q: How far has Japan's JPYC non-USD stablecoin developed?
As of May 30, 2026, JPYC EX cumulative issuance surpassed JPY 3 billion, 19,000 accounts were opened, total transaction volume exceeded JPY 35 billion, Series B cumulative funding reached approximately JPY 5 billion, and Japan's first cross-border stablecoin settlement was completed. JPYC obtained Funds Transfer Service Provider registration in August 2025 and began issuance in October, reaching circulation metrics such as cumulative issuance of JPY 3 billion and 19,000 accounts in May 2026—about seven months later—and connecting to LINE's ecosystem of around 100 million users, having moved from proof of concept into the actual circulation stage (PRTIMES #469067, #612885, #717677).
Q: What is Taiwan's regulatory framework for stablecoins?
Taiwan prioritizes sovereign regulation: on June 3, 2026, the Finance Committee of the Legislative Yuan passed the first reading of the Virtual Asset Service Act, mandating that stablecoins maintain full reserve assets, be held entirely in trust, and pay no interest, with issuance requiring prior consultation and consent from the central bank; the central bank subsequently announced on June 24 the establishment of a stablecoin foreign-exchange management mechanism to defend the currency. The act sets manipulation penalties (3 to 10 years of imprisonment, plus a fine of NT$10 million to NT$200 million) and a transition period (apply within 12 months, obtain the license within 21 months) (CNA #656180, #1190291).
Q: Why are Japan and Taiwan described as "two tracks"?
Because their starting points are opposite: Japan follows a private-sector, bottom-up "mint-the-rails" approach (issue and circulate first, regulation follows), while Taiwan follows a central-bank-plus-legislature, top-down "build-the-frame" approach (legislate to defend the currency first, the market operates within the framework). Japan trades speed for ecosystem first-mover advantage (LINE's 100 million users, Japan's first cross-border settlement), while Taiwan trades institutional certainty for financial stability (full reserves, foreign-exchange reporting). Both are non-USD sovereign-currency stablecoins, each answering the same question against a backdrop dominated by USD stablecoins (PRTIMES #469067, CNA #656180, #1190291).
Q: How does Japan's first cross-border stablecoin settlement work?
With a domestic Japanese payment service provider (PSP) as the principal, stablecoins paid on the overseas side are converted to Japanese yen (redeemed) via JPYC EX, forming a next-generation cross-border settlement model of "stablecoins used overseas, legal tender received in Japan." This is the Japan-first case achieved by JPYC and TRADOM in June 2026, marked as "based on the company's own research as of June 2, 2026"; the wording follows their own-research standard and is not third-party certified (PRTIMES #717677).
Q: How does Taiwan's central bank use the foreign-exchange mechanism to defend the New Taiwan dollar?
On June 24, 2026, the central bank announced the establishment of a stablecoin foreign-exchange management mechanism under the authorization of the Virtual Asset Service Act, with three major measures: establishing a stablecoin transfer data reporting mechanism, bringing stablecoin transactions into the existing foreign-exchange management framework, and continuing to monitor market developments. The central bank follows the principle of "same activity, same risk, same regulation" and references the regulatory recommendations of the IMF and the FSB, with the aim of bringing stablecoin fund flows into the existing foreign-exchange defense line (CNA #1190291).
Q: How credible are the figures in these six sources?
All six sources are either PR self-disclosures (PRTIMES) or news reports (CNA), with none drawn from TWSE/EDINET financial filings; therefore the basis of all figures is official_statement (official declaration) rather than official_number (hard financial-filing figures). JPYC's issuance volume, funding amount, and transaction volume are company self-disclosures; "Japan's first" is marked as based on the company's own research; Taiwan's legislative and foreign-exchange measures come from CNA reports on the legislative first reading and the central bank board-meeting reference materials. Readers should treat these as official statements rather than audited financial-filing figures (PRTIMES #469067, #612885, #717677, #1088367; CNA #656180, #1190291).
F-Units
F-001: JPYC EX total transaction volume has exceeded JPY 35 billion, with a daily asset turnover rate of 100% or more of transaction liquidity; registered as a Funds Transfer Service Provider in August 2025 and began issuance in October (about seven months) - source: PRTIMES #469067 - source_url: https://prtimes.jp/main/html/rd/p/000000319.000054018.html - confidence: medium - basis: official_statement - period: 2026-05 - caveat: Transaction volume and turnover rate are figures self-disclosed by JPYC, not independently verified
F-002: JPYC EX cumulative issuance surpassed JPY 3 billion, with the number of accounts opened reaching 19,000 (as of May 30, 2026); the issuance cap was relaxed from "JPY 1 million per day" to "JPY 1 million per transaction" - source: PRTIMES #612885 - source_url: https://prtimes.jp/main/html/rd/p/000000321.000054018.html - confidence: medium - basis: official_statement - period: as of 2026-05-30 - caveat: These are JPYC's latest self-disclosed circulation metrics; they supersede the older values in #469067 dated May 18 (18,000 accounts / JPY 2.5 billion)
F-003: JPYC announced in May 2026 a Series B cumulative additional funding round of approximately JPY 5 billion - source: PRTIMES #469067 - source_url: https://prtimes.jp/main/html/rd/p/000000319.000054018.html - confidence: medium - basis: official_statement - period: 2026-05-22 - caveat: The Series B funding amount (approx. JPY 5 billion, capital side) and the cumulative issuance amount (JPY 3 billion, circulation volume) are different metrics and must not be used interchangeably; the funding amount is self-disclosed by the company
F-004: JPYC × TRADOM achieved Japan's first cross-border stablecoin settlement—with a PSP as principal, overseas-side stablecoins are converted to Japanese yen (redeemed) via JPYC EX; TRADOM has capital and capital surplus totaling JPY 683,813,266, established in January 2015, with registration number Director-General of the Kanto Local Finance Bureau (Kinsho) No. 3329 - source: PRTIMES #717677 - source_url: https://prtimes.jp/main/html/rd/p/000000054.000110792.html - confidence: medium - basis: official_statement - period: 2026-06-05 - caveat: "Japan's first" is explicitly noted as "based on the company's own research as of June 2, 2026," following an own-research standard, not third-party certified
F-005: LINE NEXT and South Korea's Danal signed an agreement on June 17, 2026 at the LY Corporation (LINE Yahoo) Akasaka office in Minato-ku, Tokyo, under which JPYC held by Japanese users can be used for seamless settlement at affiliated merchants within South Korea - source: PRTIMES #1088367 - source_url: https://prtimes.jp/main/html/rd/p/000000021.000145432.html - confidence: medium - basis: official_statement - period: 2026-06-17 (agreement signing) / 2026-06-18 (announcement) - caveat: This is a partnership agreement jointly announced by LINE NEXT and Danal
F-006: JPYC is integrated into LINE's ecosystem on the scale of approximately 100 million people (adoption of LINE NEXT's "Unifi") - source: PRTIMES #469067 - source_url: https://prtimes.jp/main/html/rd/p/000000319.000054018.html - confidence: low - basis: official_statement - period: 2026-05 - caveat: The "scale of 100 million people" describes the overall user base of the LINE ecosystem, not the actual number of JPYC holders
F-007: Taiwan's Legislative Yuan Finance Committee passed the first reading of the draft Virtual Asset Service Act on June 3, 2026, mandating that stablecoin issuers establish and maintain full reserve assets segregated from their own assets - source: CNA #656180 - source_url: https://www.cna.com.tw/news/aipl/202606030313.aspx - confidence: high - basis: official_statement - period: 2026-06-03 - caveat: This is CNA's report on the content of the provisions passed at the legislative first reading; a first reading is not completed legislation through a third reading
F-008: Stablecoin reserve assets must be held entirely in trust at financial institutions, the issuer may not pay any form of interest or return, and consultation with and consent from the central bank is required before authorization - source: CNA #656180 - source_url: https://www.cna.com.tw/news/aipl/202606030313.aspx - confidence: high - basis: official_statement - period: 2026-06-03 - caveat: The provision content is cited from CNA's report on the first-reading version of the draft
F-009: Those who manipulate stablecoin prices face imprisonment of 3 to 10 years and may additionally be fined between NT$10 million and NT$200 million - source: CNA #656180 - source_url: https://www.cna.com.tw/news/aipl/202606030313.aspx - confidence: high - basis: official_statement - period: 2026-06-03 - caveat: The penalties are the first-reading version of the draft and may be adjusted before the third reading
F-010: The transition period requires applying for authorization within 12 months of implementation and obtaining the license within 21 months; the Executive Yuan passed the draft on April 2, 2026 - source: CNA #656180 - source_url: https://www.cna.com.tw/news/aipl/202606030313.aspx - confidence: high - basis: official_statement - period: 2026-04-02 (Executive Yuan passage) / 2026-06-03 (Legislative Yuan first reading)
F-011: Taiwan's central bank announced on June 24, 2026 the establishment of a stablecoin foreign-exchange management mechanism under the authorization framework of the Virtual Asset Service Act, with three major measures: (1) establishing a stablecoin transfer data reporting mechanism; (2) bringing stablecoin transactions into the existing foreign-exchange management framework; (3) continuing to monitor stablecoin market developments - source: CNA #1190291 - source_url: https://www.cna.com.tw/news/afe/202606240141.aspx - confidence: high - basis: official_statement - period: 2026-06-24 (after the board meeting)
F-012: The central bank follows the principle of "same activity, same risk, same regulation," and cites the regulatory recommendations of the IMF and FSB as references - source: CNA #1190291 - source_url: https://www.cna.com.tw/news/afe/202606240141.aspx - confidence: high - basis: official_statement - period: 2026-06-24 - caveat: These are the principles and international references stated in the central bank's post-board-meeting reference materials
J-Units
J-001: Non-USD stablecoins are taking two complementary institutional paths—Japan leads with private-sector issuance and implementation ("mint the rails"), while Taiwan leads with sovereign regulation and a foreign-exchange defense line ("build the frame"). The two tracks advancing in parallel at the same moment (May–June 2026) show that the "USD-dominated" stablecoin landscape is beginning to see an institutional response from non-USD sovereign currencies - confidence: medium - basis_f_units: F-002, F-004, F-007, F-011
J-002: JPYC's growth momentum comes from a four-in-one combination of "capital + circulation + cross-border + channel"—Series B funding (capital), cumulative issuance of JPY 3 billion (circulation), Japan's first cross-border settlement (use case), and the LINE 100-million ecosystem (channel) advancing simultaneously, showing that its strategy is to trade speed and ecosystem first-mover advantage for market position - confidence: medium - basis_f_units: F-001, F-002, F-003, F-004, F-005
J-003: Taiwan's regulatory design is centered on "financial stability first"—full reserves, holding entirely in trust, prohibition of interest payments, consultation with the central bank, and foreign-exchange reporting, together with strict manipulation penalties, aimed at bringing stablecoins into the existing monetary and foreign-exchange defense lines rather than encouraging rapid issuance. This forms a mirror to Japan's private-sector-first path - confidence: medium - basis_f_units: F-008, F-009, F-011, F-012
P-Units
P-001: The third-reading legislative timeline and final provisions of Taiwan's Virtual Asset Service Act after the first reading—currently only the Finance Committee's first reading is complete, and provisions on reserves, trusts, and penalties may be adjusted before the third reading. The Legislative Yuan's subsequent deliberation progress needs to be tracked - status: open
P-002: The actual transaction volume and adoption speed of JPYC's cross-border settlement (South Korea's Danal / TRADOM)—currently these are partnership agreements and a Japan-first case, and the actual scale of cross-border circulation has not yet been disclosed. Subsequent public data needs to be observed - status: open
P-003: The specific implementation rules and effective date of Taiwan's central bank stablecoin foreign-exchange reporting mechanism—currently only three major directions have been announced, and technical details (reporting thresholds, frequency, data scope) have not been published. The central bank's subsequent announcements need to be tracked - status: open
同事件・三視角 / Three Perspectives on the Same Event / 同一イベント・三つの視点
Sources
1. [PRTIMES #469067] JPYC株式会社, "JPYC、シリーズB累計約50億円を追加資金調達", 2026-05-22. https://prtimes.jp/main/html/rd/p/000000319.000054018.html 2. [PRTIMES #612885] JPYC株式会社, "JPYC EX、累計発行額30億円突破・口座開設19,000件到達", 2026-06-02. https://prtimes.jp/main/html/rd/p/000000321.000054018.html 3. [PRTIMES #717677] トレーダム株式会社, "トレーダム×JPYC、日本初のクロスボーダー・ステーブルコイン決済", 2026-06-05. https://prtimes.jp/main/html/rd/p/000000054.000110792.html 4. [PRTIMES #1088367] LINE NEXT, "LINE NEXT×Danal提携・JPYC韓国決済", 2026-06-18. https://prtimes.jp/main/html/rd/p/000000021.000145432.html 5. [CNA #656180] CNA, "虛擬資產服務法初審通過 穩定幣須十足準備金信託", 2026-06-03. https://www.cna.com.tw/news/aipl/202606030313.aspx 6. [CNA #1190291] CNA, "央行：建立穩定幣外匯管理機制 納入既有外匯架構", 2026-06-24. https://www.cna.com.tw/news/afe/202606240141.aspx