Japan’s Stablecoin Rules JPYC Co. launched what regulators and the company call the world’s first fully regulated yen-pegged stablecoin in October 2025, capping a decade of cautious financial architecture that Tokyo began laying well before most governments acknowledged digital money existed. The milestone did not arrive by accident. Japan’s Financial Services Agency (FSA) spent years designing a framework that would make a collapse like Terra/Luna structurally impossible on its soil, and the rules it finalized through amendments to the Payment Services Act tell you exactly where the country’s priorities landed. Japan Draws a Hard Line on Who Can Issue The …