One of the Largest Japanese convenience store chain Lawson, in cooperation with blockchain company HashPort, and telecom group KDDI to participate at a pilot program using yen-based stablecoin JPYC.
Adoption challenges
The pilot is set to launch in early August at the Lawson Takanawa Gateway City store located in Minato-Ku, Tokyo. This aims to check if stablecoin payments can be incorporated into a standard convenience store of cashflow.
In this trial, the customer will present a generated barcode from smartphone digital wallet and let the store employee scan it with the existing POS Terminal (Point-Of-Sale). Marking it to be the first attempt of using stablecoins as payment in Japan.
Participating customers would be able to complete a direct transaction using JPYC (a stablecoin pegged 1:1 to the Japanese yen) using HashPort’s non-custodial wallet.
On the other hand, the store can process the payments through the company’s POS System without managing the crypto wallets directly.
Netstars show a similar path
Similarly, a separate Japanese payment company Netstars, looked for merchants that would want to accept stablecoins as multiple payments options.
They initially support USDT, USDC, and JYPC through the Solana and Polygon networks. Using MetaMask as a support wallet. Netstars sets the merchants’ payment fee for 0.98% and plans to add more wallets and blockchains in the future.
by using this service, merchants can use its existing payment terminals to settle in yen even if the customer pays with dollar-denominated stablecoins without the need to hold on to crypto and manage exchange rates.
In comparison to Lawson’s trial, that is focusing on a single POS integration, Netstars is willing to take any merchant that is willing to onboard.
Despite having opposite approach, both takes on the same underlying question; if Japanese retailer ready to accept stablecoins without the additional burden to operation?
Why does this matter? And any implications?
Japan’s has always been steady when approaching cryptocurrency regulation from trading into everyday spending.
A regulatory framework for stablecoins was introduced in Japan following the revision of the Payment Services Act, which took effect on June 1, 2023.
The law provides legal clarity and has encouraged companies to develop consumer-focused products within a regulated environment.
The rules define regulatory classifications for fiat-linked stablecoins and mandate that intermediary entities register under financial services.
That is why The Lawson pilot highlights growing effort to the adoption of digital assets to the mainstream, while stablecoins are designed to minimize price instability due to being backed up by fiat currency.
If successful consumers would see the practicality of using stablecoin for payment methods that could lead to a broader acceptance across Japan.
Their widespread adoption will depend on user acceptance and regulatory support.
