The SBI Group is set to revolutionize cashless payments in Japan with a new test project utilizing USDC, a stablecoin pegged to the US dollar and issued by Circle. Scheduled to begin in spring 2026, this pilot project aims to streamline in-store payment systems through QR code technology. The project will be conducted in collaboration with APLUS, a leading payments company, and SBI VC Trade, the only registered operator in Japan authorized to handle stablecoins.
How the System Will Work
The new cashless payment model will allow customers holding USDC in private wallets such as MetaMask to simply scan a store’s QR code to make payments. Upon payment in USDC, SBI VC Trade will instantly convert the funds into Japanese yen and transfer them to APLUS, which will distribute the funds to merchants. This seamless process is designed to benefit both customers and retail partners.
Targeting Foreign Tourists and Adoption
One of the prime goals of the initiative is to cater to foreign tourists visiting Japan. For many tourists, paying with USDC could be far more convenient than exchanging foreign currency into yen. Additionally, the project builds on experiences from the Osaka-Kansai Expo, where digital wallets were widely used, paving the way for broader adoption of stablecoin-based payment solutions.
The Ripple Connection
What’s particularly intriguing about this development is SBI’s decision to use USDC rather than Ripple’s own stablecoin, RLUSD, despite the company’s well-known partnership with Ripple. According to legal experts, this decision may be related to Ripple’s extended legal battle with the US Securities and Exchange Commission, which likely delayed the readiness of RLUSD. Nonetheless, experts believe that RLUSD will catch up as the landscape evolves.
What’s Next?
If the trial proves successful, SBI Group and APLUS plan to expand the system to more stores and explore wider applications for stablecoin payments across the country. This initiative not only underscores Japan’s forward-thinking stance on cryptocurrencies but also positions the nation as a leader in innovative payment solutions.
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