In the cabinet decision on “Honebuto 2026” (formally the Basic Policy on Economic and Fiscal Management and Reform) adopted on July 21, the Japanese government for the first time explicitly wrote in the promotion of “on-chain finance” (オンチェーン金融), specifically naming two tools — tokenized deposits (トークン化預金) and stablecoins (ステーブルコイン) — with definitions and use cases given in a footnote, and linked this to the existing “asset management nation” (資産運用立国) policy line. According to CoinPost’s report, this is the first time stablecoins have entered Japan’s highest-level annual economic policy blueprint in an actively-promoted posture — previously they appeared more as an object of regulation than an object of promotion. The Honebuto policy itself is not law; it is an annual policy blueprint led by the Cabinet Office that sets priorities for subsequent budgets, legislation, and ministry work.
Editorial take: what this means for the card in your wallet
Let’s state the conclusion up front: this document advances the “yen stablecoin,” not the USDT in your wallet, and it does not change the funding or spending path of any mainstream card in the short term.
What is genuinely affected by this policy line, over the medium-to-long term, is the certainty of the localized “Asia-Pacific account + Asia-Pacific IP + Asia-Pacific card BIN” usage scenario. Currently, Japanese users using the Asia Elite variant of MPCard, or exchange-issued cards like Bybit Card and OKX Card, typically follow this path: on-chain USDT → exchange/issuer funding → fiat settlement → Visa spending. The yen stablecoin promoted by the Honebuto policy would, in theory, add a settlement medium recognized by Japanese domestic regulation into the “on-chain → fiat” step — but this requires a real product to launch; it is not something that appears the day after a document is published.
Looking at time windows:
- Within 7 days: Zero change. This is a policy signal, not an issuer rule change.
- Within 30 days: Watch whether domestic Japanese stablecoin issuers (bank-affiliated, trust-affiliated) announce pilots off the back of this, and whether the FSA follows up with administrative documents.
- Within 90 days: If a genuine domestic yen stablecoin launches, a hybrid scenario could emerge — “funding in yen stablecoin, spending still in USDT” — but this remains a hypothesis, not a roadmap.
If you’re currently choosing a card, check the current compliance ratings in Best Choices for Japan Users first, rather than waiting for a policy dividend that hasn’t materialized yet.
Historical comparison: from “setting the rules” to “promoting the industry”
Japan’s stance toward stablecoins can be viewed along a clear timeline:
- 2022–2023: The Payment Services Act was amended to define stablecoins as an “electronic payment instrument,” specifying that only banks, trust companies, and fund transfer service providers may issue yen stablecoins. This was the rule-setting stage — first fencing off the legal boundary.
- 2024: Trust-affiliated pilots such as Progmat, and several banks exploring issuance — entering the pilot stage.
- 2026 (this document): Stablecoins are upgraded from “regulated object” to “nationally-promoted object” — entering the industry-promotion stage.
Compared with the EU’s MiCAR taking full effect in 2024, the sequencing is exactly reversed: MiCAR issued unified law first and discussed applications afterward, whereas Japan’s legal framework was already in place, and it is now adding the policy will to “promote the industry.” This “regulate first, encourage later” sequence is actually good for users — it means that once a domestic yen stablecoin lands, it will be on a compliant track from day one, without repeating the kind of “product-first, regulation-catches-up-later” chaos seen when USDC briefly de-pegged in 2023 due to its Silicon Valley Bank exposure.
Compliance boundaries: what is clear today
Three boundaries need to be distinguished, to avoid misreading the situation:
- Clearly permitted: Yen stablecoins issued within Japan (by banks, trust companies, or fund transfer service providers), governed by the Payment Services Act. Honebuto 2026 further gives it policy backing.
- Legally gray, leaning restricted: The circulation and exchange of offshore-issued stablecoins such as USDT and USDC within Japan remains strictly governed by the Payment Services Act’s rules on “electronic payment instruments,” and exchanges must be registered before offering related services. When you convert USDT to yen for spending through an exchange-issued card, you’re going through a licensed institution’s channel — that has not changed.
- Not affected by this document: Holding and using a USDT card through an offshore account structure is, in itself, unchanged by this domestic policy document.
For the specific implementation details, refer to our Japan Compliance Guide, which maps out the relationship between licensed exchanges and card usage scenarios. This Honebuto policy only writes “promotion” into the blueprint — what actually constrains your behavior remains the FSA’s administrative rules and the issuer’s terms.
Key milestones worth watching next
- Autumn ministry budgets and work plans: The Honebuto policy sets priorities; the specific, actionable directives will come from subsequent FSA and Ministry of Finance policy documents, typically disclosed progressively in the second half of the year.
- Domestic yen stablecoin pilot announcements: Watch whether trust banks and major banks announce formal issuance timelines using this policy window.
- Exchange-side support developments: If Japan’s licensed exchanges begin supporting yen stablecoin deposits and withdrawals, that would be the real signal of intersection with card usage paths.
- Whether the FSA updates its guidance on electronic payment instruments: This directly determines whether the handling of offshore stablecoins (including USDT) within Japan loosens.
Editorial recommendation
Japanese users holding MPCard, Bybit Card, or OKX Card need to take no action. This is a medium-to-long-term policy signal, not an issuer rule change — your funding and spending path is unaffected.
- Japanese users currently choosing a card: Choose based on current compliance conditions, referring to Best Choices for Japan Users; don’t change your decision for a yen stablecoin dividend that hasn’t landed yet.
- Users tracking long-term structure: Add this news to your watchlist, and keep an eye on the FSA’s specific administrative documents in the second half of the year, rather than the blueprint itself.
- Users still unclear on basic stablecoin concepts: Read What Is a U Card first, to understand the path from on-chain USDT to Visa spending, before judging whether a yen stablecoin would affect you.
A reminder: national-policy-level documents affect the industry’s foundation three to five years out, not your next purchase. Distinguish these two timescales, and you won’t be swept along by policy headlines.