EJPY pre-launch stablecoin tracker

EJPY is Japan Blockchain Foundation's pre-launch yen stablecoin, structured as a trust-type Type III electronic payment instrument under Japan's Payment Services Act. That classification exempts it from the ¥1M-per-transaction cap that constrains fund-transfer-type issuers such as JPYC. JBFD, the operator of Japan Open Chain, would be the settlor, with reserves held by a licensed trust bank it has still not named. The design rests on trust-segregated custody and bankruptcy-remote reserves, yet the trustee, the reserve mix, and the issuance date are all undisclosed. In September 2026 JBFD opened a roughly six-month pilot in which 26 enterprises, financial institutions and local governments, Toshiba among them, explore use cases with test EJPY tokens; the pilot announcement says the trust structure, issuance and redemption processes, and legal compliance are still in preparation. Commercial issuance is targeted on Japan Open Chain within fiscal 2026, which runs through March 2027, with Ethereum next, for B2B payments, remittances and settlement. Until a trustee is named and commercial issuance begins, test tokens are the only EJPY in circulation.