金融科技/稳定币与日本金融的未来

October 8, 2025 08:00 PM GMT Asia Primer| Japan Morgan Stanley MUFG Securities Co., Ltd.+ Mia NagasakaEquity AnalystMia.Nagasaka@morganstanleymufg.com+81 3 6836-8406Morgan Stanley Asia Limited+ Fintech/Stablecoins and theFuture of Finance in Japan Chiyao HuangEquity AnalystChiyao.Huang@morganstanley.com+852 3963-4624Morgan Stanley MUFG Securities Co., Ltd.+ Can stablecoins become a transformative force in building newframeworks for payments, remittances, and asset management?We summarize key discussion points, compiled in collaborationwith our Asia Financials team and Strategy & Macro team. Koichi SugisakiStrategistKoichi.Sugisaki@morganstanleymufg.com+81 3 6836-8428 Sho NakazawaEquity StrategistSho.Nakazawa@morganstanleymufg.com+81 3 6836-8926 Stablecoins and the future of finance in Japan:In June 2023, Japan enactedamendments to the Payment Services Act, establishing a legal framework thatallows for the issuance of stablecoins. Following this regulatory development,Japanese banks and corporations have begun developing products and services thatleverage blockchain technologies, including stablecoins. A yen-denominatedstablecoin is scheduled for launch in autumn 2025. Market participants both in Japanand abroad are closely watching whether it can establish itself as a major globaldigital currency. Financial digitalization, including stablecoins, is a rapidly evolvingdomain. With complex interdependencies across regulation, technology,international competitiveness, and user experience, this report outlines the keyissues surrounding stablecoins as they stand today and explores future perspectives. Takeshi YamaguchiChief Japan EconomistTakeshi.Yamaguchi@morganstanleymufg.com Banks 1.What are the market environment and background to stablecoins gainingattention?2.What are the definitions and structural characteristics of stablecoins?3.What are the legal frameworks and regulatory trends for stablecoins inJapan?4. Who are the stablecoin issuers and related players?5.What are the use cases and implementation examples of stablecoins in theJapanese market?6. Impact on international payment infrastructure: What are the implicationsfor SWIFT transformation and financial institutions?7.Is there an impact on the government bond market from stablecoins?8. What is the differentiation from CBDC?9. Crypto asset exposure and its impact on share prices of Japanese corporates10. Overseas trends: What are the developments in stablecoin systems andpractical deployment in Hong Kong? JapanIndustry View In-Line Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision. For analyst certification and other important disclosures,refer to the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affiliates are not registeredwith FINRA, may not be associated persons of the memberand may not be subject to FINRA restrictions oncommunications with a subject company, public appearancesand trading securities held by a research analyst account. Story in Charts Exhibit 4:We think the industry view of stablecoin’s role is that of supplementing SWIFT rather than completing replacing it, andimproving efficiency in specific applications 1. Market environment and background to stablecoinsgathering attention Yen-denominated stablecoins to be issued in autumn 2025 In June 2023 the Revised Payment Services Act came into force, positioning stablecoins asmeans of electronic payment and allowing for the issuing of domestic stablecoins in Japan.This created expectations for a possible spread of yen-denominated stablecoins, but theextent of penetration is still unclear. On the other hand, if the use of stablecoinsprogresses, it is expected to reduce both the time and cost required for payments. Goingforward it will be important to watch and see whether stablecoins become a part of thepayment constellation coexisting with existing methods . Japan’s cashless payment ratio rose from about 29.7% in 2020 to 42.8% in 2024. Thecashless ratio is still behind other countries, but it is rising steadily along with advances infintech and digital payment technology, as well adjustments to the legal system andcashless promotion measures by the government. Latest trends in the Japanese payment market At the moment, the Japanese payment market is seeing increasing moves to obtainbusiness opportunities from consumer consumption data centering on payments. Alreadynon-financial firms from sectors including telecoms, internet, retail, and railways haveentered the cashless business. New trends are also emerging, including embedded finance,BNPL (Buy Now Pay Later), and digital payrolls. In addition, crypto assets are starting tobe used a