Key Highlights:
- JCB, Digital Garage, and Resona will test USDC and JPYC payments.
- The experiment will use USDC on Base and JPYC on Polygon.
- User experience, blockchain processing, merchant settlement, and backend operations will be examined.
JCB, Digital Garage, and Resona Holdings will test stablecoin payments at a Tokyo cafe starting February 24. The companies will run the proof-of-concept with MynaWallet at Pangaea Cafe in Shibuya. Participants will use USDC and JPYC to pay through self-custody wallets. The trial will run on weekdays after 2 PM until March 2.
USDC and JPYC Trial Runs on Base and Polygon
JCB, Digital Garage, and Resona Holdings announced the experiment on February 19. The companies will conduct the trial with MynaWallet at Pangaea Cafe & Bar on the 10th floor of Shibuya Parco DG Building. The test will use the US dollar-pegged stablecoin USDC on Base and the yen-pegged JPYC on Polygon. Participants will use self-custody wallets to complete payments at the store.
Customers paying with USDC will use the Base App wallet, while JPYC users will use Myna Wallet. The store will use a dedicated app developed for merchants during the trial period. The system will convert stablecoin payments into Japanese yen for final settlement. The companies will review the full payment process from checkout to post-payment operations.
Digital Garage will also provide a Web3 experience and knowledge of cryptocurrency exchange in the project. JCB will use its experience in payment systems and cashless settlement systems for merchants. Resona Holdings will also investigate commercialization by its traditional financial service operation. MynaPay will be the payment interface that is offered by MynaWallet.
The companies stated that the trial will identify operational issues in real-world transactions. They will look at user experience, blockchain-based processing, and settlement flows on the back end. The companies started to work on stablecoin social implementation on January 16. Findings of this test will be used by them to help in the further development plans.
TRM Labs Report Shows Rising Stablecoin Usage
As Japan sets its foot into stablecoin testing, a 2025 report by TRM Labs detailed global adoption trends. TRM Labs reported that retail-led crypto transactions rose more than 125% between January and September 2024 and the same period in 2025. The report stated that individuals increasingly use crypto for payments, remittances, and value preservation.
The Country Crypto Adoption Index ranked India first for the third consecutive year. The United States held the second position, while Japan ranked ninth worldwide. TRM Labs revealed that US crypto transaction volume exceeded USD 1 trillion between January and July 2025. The firm said this marked a roughly 50% increase compared with the same period in 2024.
TRM analysis showed that stablecoins accounted for 30% of crypto transaction volume between January and July 2025. The report stated that more than 90% of fiat-backed stablecoins remain pegged to the US dollar. Tether’s USDT and Circle’s USDC represented 93% of the total stablecoin market capitalization. TRM also recorded regulatory developments in the United States, Hong Kong, and the European Union during 2025.
According to TRM, stablecoin transaction volume rose 83% between July 2024 and July 2025. The firm reported that stablecoins processed over USD 4 trillion in transaction volume between January and July 2025. Leading stablecoins increased their market share by 52% during the same period.
