- Customers can convert savings into DCJPY tokens, targeting returns of 3–5% from securities.
- The deposit token differs from stablecoins by running on a permissioned bank-managed blockchain.
- Japan’s government is advancing digital finance rules, including stablecoin licences and ETF considerations.
From FY2026, Japan Post Bank customers will be able to convert their savings into DCJPY tokens for instant settlement of securities transactions. The plan could modernise Japan’s financial services by replacing settlement times that currently take days with almost real-time processing.
The DCJPY system was developed by DeCurret DCP, a FinTech backed by MUFG, Japan’s largest financial group, and other major companies. First revealed in August 2024, the platform issues a deposit token redeemable at participating banks at a fixed rate of one yen per token. Unlike stablecoins, which are typically issued on public blockchains, DCJPY operates on a permissioned network and represents a direct deposit at a regulated bank.
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Appealing to a Digital-First Audience
Japan Post Bank, which oversees deposits of more than US$1.29 trillion (AU$1.97 trillion), intends to use the network primarily for tokenised securities offering yields between 3% and 5%. By enabling customers to move balances instantly into DCJPY, the bank aims to appeal to younger investors who prefer faster and more digital-first services.
DeCurret DCP has already trialled the token in proofs of concept, including interbank transfers and government subsidy payments, with test transactions exceeding ¥2 billion (AU$19.9 million). GMO Aozora Net Bank is currently the only lender announced as a minting bank for the token, though further participation is expected.
The initiative coincides with Japan’s broader regulatory push in digital finance. Earlier in 2025, Tokyo-based fintech JPYC received approval for the country’s first yen-denominated stablecoin licence. Meanwhile, policymakers are reviewing tax reforms to encourage crypto adoption and considering a framework for digital asset exchange-traded funds.
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