SBI Group is preparing to test a new cashless payment system in Japan using USDC, a US dollar–linked stablecoin issued by Circle. The pilot project is expected to begin in spring 2026 and will focus on in-store payments using QR codes.
The test will be run by SBI VC Trade, Japan’s only registered operator allowed to handle stablecoins, along with APLUS, a payments company that works with a wide network of retail stores. The goal is to build a simple payment model where customers can pay in USDC and stores receive Japanese yen.
Under the plan, customers holding USDC in private wallets like MetaMask will scan a store’s QR code and pay using USDC. SBI VC Trade will then convert the USDC into yen and send it to APLUS, which will pass the funds on to the merchant.
SBI says the project builds on lessons learned from the Osaka-Kansai Expo, where digital wallets were tested for visitors. The company also hopes the system will be useful for foreign tourists, who may find it easier to pay with dollar-based digital money instead of cash.
The announcement has drawn attention because SBI has a long-standing relationship with Ripple, yet the pilot uses USDC instead of Ripple’s own US dollar stablecoin, RLUSD.
Pro-XRP lawyer Bill Morgan reacted to the news, saying the decision likely reflects timing rather than a lack of confidence in Ripple. He noted that when SBI VC Trade became Japan’s first registered stablecoin operator in March 2025, RLUSD was not yet ready for use, while SBI already had an existing partnership with Circle.
Morgan added that RLUSD is expected to catch up over time and said Ripple’s decision to launch its own US dollar stablecoin was critical. He also suggested that Ripple may have moved earlier if not for delays caused by its long legal battle with the US Securities and Exchange Commission.
If the trial is successful, SBI and APLUS plan to expand the system to more stores and explore wider use of stablecoin payments across Japan.
While limited in scope, the test signals growing regulatory comfort with tightly controlled stablecoin use under Japan’s payment laws. If successful, it could influence how regulators view stablecoins as payment tools rather than speculative assets.
Tourists familiar with digital wallets may avoid currency exchange fees and cash handling. This could make Japan more attractive to crypto-native travelers from the US and other dollar-based markets.
Yes, future pilots or expansions could include additional stablecoins if they meet Japan’s regulatory and operational standards. Much will depend on licensing progress, liquidity, and integration readiness at the time of expansion.
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