Monex Group Considers Launching Yen-Pegged Stablecoin in Japan
Japanese financial services giant Monex Group is exploring the issuance of a stablecoin pegged to the yen, as the country’s regulators prepare to greenlight domestic fiat-backed digital currencies for the first time.
The move comes amid a broader push in Japan to integrate stablecoins into the financial ecosystem, with Monex aiming to leverage its assets to stay competitive in the evolving digital finance landscape. Chairman Oki Matsumoto emphasized the urgency, stating, “Issuing stablecoins requires significant infrastructure and capital, but if we don’t handle them, we’ll be left behind.” He added that the company would "respond properly" to these developments [1].
Details of the Planned Stablecoin
If launched, the stablecoin would be backed by low-risk assets such as Japanese government bonds and redeemable on a 1:1 basis with the yen. Potential applications include international remittances, corporate settlements, and integration with decentralized finance (DeFi) platforms, offering lower transaction costs and enhanced efficiency compared to traditional methods.
Monex plans to utilize its cryptocurrency exchange subsidiary, Coincheck [2], alongside its securities brokerage operations to facilitate the stablecoin's rollout. This strategic alignment could position Monex as a key player in bridging traditional finance and blockchain technology in Japan.
No specific timeline for the launch has been announced, but the initiative aligns with upcoming regulatory approvals expected from Japan’s Financial Services Agency (FSA) as early as this fall. The FSA's anticipated nod would mark a significant milestone, following the 2023 decision to lift the ban on foreign-issued stablecoins and the recent approval of Circle’s USDC for use in the country.
About Monex Group
Monex Group, Inc., founded in 1999 and headquartered in Tokyo, Japan, is a prominent online financial institution that has evolved into a global provider of digital financial services. Originally named Monex Beans Holdings, Inc., the company rebranded to Monex Group in 2008 and is listed on the Tokyo Stock Exchange under the ticker 8698.
The company's main businesses center on retail online brokerage services, operating through subsidiaries like Monex Securities in Japan and TradeStation Securities in the United States [4]. Monex also owns Coincheck, one of Japan's largest cryptocurrency exchanges, which supports its push into digital assets and blockchain innovations. Beyond traditional finance, the group offers asset management, investor education, M&A advisory, private banking for high-net-worth clients, and cryptocurrency-related services. It has expanded into non-financial areas, including STEAM education and child development through Viling, and genomic and healthcare data services via Genex.
In terms of size, Monex Group employs approximately 1,078 people and has a market capitalization of around 199 billion yen (about $1.42 billion USD) [5]. Its scope of operations is international, with a strong presence in Japan and the U.S., alongside services in China and Australia. Financially, for the first quarter of the fiscal year ending March 31, 2026 (April to June 2025), Monex reported total operating revenue after deducting financial expenses and cost of sales of 15.9 billion yen, with quarterly profit attributable to owners of 1.9 billion yen. Assets under custody stood at 11.2 trillion yen. For the full fiscal year ending March 31, 2025, the company achieved pre-tax income of 13.6 billion yen, with total assets under custody and management reaching 12 trillion yen. The group's segments showed varied performance, with growth in asset management offsetting challenges in crypto trading volumes.
Regulatory and Market Context
Japan has been progressively softening its stance on stablecoins to foster innovation while maintaining financial stability. In February, a regulatory report recommended easing rules around stablecoin issuance, paving the way for domestic projects. This shift has encouraged other entities to enter the space, including startup JPYC [3], which received FSA approval earlier this month to issue the nation's first yen-pegged stablecoin later this year, and Sumitomo Mitsui Banking Corporation (SMBC), planning a similar launch in partnership with Avalanche developer Ava Labs and Fireblocks next year.
Monex's consideration adds to the growing competition in Japan's stablecoin market, which could enhance the yen's role in global digital transactions and support broader adoption of blockchain-based financial services.
Broader Expansion Plans
Beyond the stablecoin, Monex is eyeing international growth. Matsumoto revealed that the company is in final negotiations to acquire a European cryptocurrency-related firm, with an announcement potentially coming within days. This would build on Monex's recent expansion, including the Nasdaq listing of Coincheck Group at the end of last year, further strengthening its presence in Western markets.
Industry observers note that such moves reflect Japan's ambition to lead in regulated crypto innovation, especially as global stablecoin issuance—dominated by USD-pegged tokens like USDT and USDC—continues to expand. Monex Group, publicly traded on the Tokyo Stock Exchange, has not provided further comments on the stablecoin plans at this time. As regulatory clarity emerges, the financial sector will be watching closely for Monex's next steps in this digital transformation.