#Japan #Tokyo #Digital Garage #JCB #MyWallet

MyWallet's Innovative Stablecoin Payment Trial in Japan

MyWallet Corporation, located in Chiyoda, Tokyo, is spearheading a significant trial involving stablecoin QR code payments in collaboration with Digital Garage, JCB, and Resona Holdings. This initiative marks an essential step towards the implementation of stablecoin payments in everyday retail environments, with the trial set to run from February 24 to March 2, 2026.

Purpose of the Trial

As the Web3 market expands, the utilization of digital assets, including stablecoins, is rapidly increasing. However, the acceptance of these payment methods in physical retail locations remains limited. The primary goal of this trial is to establish a scheme that enables consumers to make payments using stablecoins through a widely accepted QR code payment system while allowing retailers to receive the equivalent amount in Japanese yen.

This approach will facilitate a seamless user experience, covering everything from the on-chain processing of transactions to the settlement flows, ensuring that all operational aspects are thoroughly validated.

Trial Overview

• - Duration: February 24 (Tuesday) to March 2 (Monday), 2026 (Weekdays after 2 PM)
• - Location: Pangaea Cafe & Bar, 15-1, Udagawacho, Shibuya, Tokyo, 10th Floor, Shibuya Parco DG Building
• - Payment Systems: MyPay
• - Assets Involved: USDC (on Base Blockchain) and JPYC (on Polygon Blockchain)
• - Wallets Used: MyWallet, Base App (for USDC only)
• - Participants: General public

About MyWallet

MyWallet is a digital wallet that leverages Japan's My Number Card system, enabling about 100 million residents to manage digital assets such as cryptocurrencies, stablecoins, NFTs, and digital IDs safely and intuitively. The wallet is designed to prevent the user from dealing with complex key management or gas fees, offering a smooth transactional experience.

Key Features:

1. KYC-Compliant Self-Custody Wallet: Users undergo strict identity verification via the My Number Card, ensuring seamless self-custody of their digital assets.
2. Gas-Free Transactions: Users can transact without worrying about gas fees associated with blockchain operations.
3. Account Recovery: Utilizing Account Abstraction technology, users can recover their accounts even if their devices are lost.
4. Mini Apps: The platform allows third-party services to connect directly to verified users, creating an expanded service ecosystem.

About MyPay

MyPay provides stablecoin payment solutions, accommodating touchless payment via MyCards and QR code payments.

Notable Features:

1. Web3 Wallet Integration: Users can pay using any web3 wallet by scanning a QR code.
2. Multiple Stablecoin Support: Besides JPYC, MyPay supports several stablecoins, catering to inbound demand.
3. Immediate Conversion to Yen: Retailers can still receive payments in Japanese yen, despite being processed in stablecoins.

Future Developments

Drawing insights from this trial, MyWallet aims to expand the adoption of stablecoins in retail settings while considering the introduction of regional currencies tied to the My Number Card initiative. MyPay seeks to establish a foundation that links the real economy with digital asset markets, paving the way for wider acceptance of stablecoin payments.

Industry Insights

• - Hiroyuki Tachibana, CEO of MyWallet: He emphasized the goal of making digital assets accessible and safe for everyone through the integration of the My Number Card and public authentication services. This trial represents a vital step in evolving stablecoins as a standard payment option in everyday life.
• - Xen Baynham-Herd, Head of Global Growth at Base: He acknowledged the growing adoption of stablecoins, highlighting their beneficial speed, transparency, and cost efficiency.

Concluding Remarks

Participants in this trial will play a pivotal role in shaping Japan's stablecoin landscape. Through strategic collaborations between MyWallet, Digital Garage, JCB, and Resona, as well as the infrastructure provided by Base, a robust standard for utilizing stablecoins in Japan is anticipated to emerge.

By uniting traditional financial systems with innovative technology, this collaboration aims to build a more inclusive and secure digital economy that caters to people of all ages and technological backgrounds. Through constant evolution and adaptation, the future of payments in Japan looks promisingly digital.