Japan’s Monex Group eyes yen stablecoin and European crypto expansion

Tokyo-based Monex Group is weighing plans to issue a yen-pegged stablecoin, alongside potential expansion in Europe through new acquisitions.

The developments come as Japan prepares to allow the circulation of domestic fiat-backed digital currencies for the first time.

Monex Group, which is publicly traded and operates securities and crypto services in Japan, is considering a stablecoin backed by government bonds and redeemable 1:1 with yen.

The company also revealed it is in final negotiations to acquire European crypto-related firms, which would expand its overseas footprint following Coincheck Group’s Nasdaq listing late last year.

Yen-backed stablecoin plans gain ground

According to a report by TV Tokyo, Monex Group Chairman Oki Matsumoto confirmed that the firm is exploring the infrastructure and resources required to launch a stablecoin in Japan.

The project would leverage Monex’s existing assets, including Coincheck, its local crypto exchange, and Monex Securities, to roll out the currency.

If introduced, the stablecoin would be pegged to the yen, backed by assets such as Japanese government bonds, and redeemable on a one-to-one basis.

Its applications are expected to include international remittances and corporate settlements, positioning Monex in line with growing digital currency use in global finance.

European acquisitions under negotiation

Alongside stablecoin efforts, Monex is finalising talks to acquire crypto-related companies in Europe. An announcement is expected within days, marking another step in its overseas expansion.

This comes less than a year after Coincheck Group, the parent of Coincheck, made its public debut on the Nasdaq exchange in the US.

The move highlights Monex’s ambition to secure a stronger position in Western markets, with the combination of stablecoin issuance and European acquisitions signalling a broader strategy for growth.

Regulatory shift in Japan’s stablecoin market

Monex’s exploration of a yen-pegged stablecoin follows broader regulatory changes in Japan. The country’s Financial Services Agency (FSA) is expected to approve yen-denominated stablecoins as early as this autumn.

This follows the March approval of Circle’s USD Coin (USDC) for use in Japan.

The move was supported by SBI’s crypto subsidiary, which enabled USDC integration just as regulatory adjustments for stablecoins began to take shape.

Japan had previously banned foreign stablecoins, but the ban was lifted in 2023.

In February 2024, the FSA approved a working group report recommending policy revisions to ease regulations on stablecoins, opening the door for domestic and international issuers to operate under clearer guidelines.

Stablecoin competition builds

The potential launch of a Monex stablecoin would add competition to an expanding market in Japan. USDC is already operational, while other issuers are likely to follow as the FSA completes its review process.

By backing its coin with Japanese government bonds and using its established platforms, Monex aims to create an asset that can integrate smoothly into both retail and corporate financial ecosystems.

The timing of Monex’s announcement, combined with regulatory progress and European expansion plans, indicates that Japan is accelerating its role in the global stablecoin industry.

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