Domestic CEX × deposit tokens / EPI integration strategy — DCJPY / Progmat / JPYC collaboration

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This entry sits under exchanges index. Read it against Global CEX top 10 ranking comparison (2025-2026) for peer / contrast context and FSA crypto-asset exchange registration system — number system / Local Finance Bureau jurisdiction / registration requirements for the broader system / regulatory boundary.

Overview

The 2022-06 amended Payment Services Act brought into force the system of the three EPI (electronic payment instrument) types — trust type / bank type / funds-transfer-operator type — establishing the legal positioning of yen-pegged stablecoins and deposit tokens. Although existing VASPs are not EPI issuers, the integration of their handling is advancing rapidly over 2025-2026 . The CEX × EPI collaboration model is entering a phase that drives the domestic market toward becoming a liquidity hub.

Major EPI / deposit-token players

• JPYC Inc. — Japanese-yen stablecoin issuer (funds-transfer-operator type) (funds-transfer-operator-type EPI · JVCEA Type 1 #1042) — issues the yen-pegged stablecoin JPYC + operates its own JPYC EX market. Retail-oriented.
• Progmat, Inc. — Digital-asset platform overview (trust-type EPI platform · Mitsubishi UFJ Trust 49% investment) — a multi-megabank SC issuance platform + Project Pax cross-border settlement. Institution-oriented.
• DCJPY (DeCurret DCP Inc. · bank-type deposit token) — invested in by IIJ + SBI + Japan Post Bank + KDDI + NTT + MUFG. Commercial launch 2024-08 . Interbank-settlement-oriented.

CEX-side response

• Jp Exchange SBI Vc Trade — began handling USDC / EP USDC + planned EPI issuer (sole holder of all three licenses)
• bitFlyer / GMO Coin, Inc. — Japan crypto-asset exchange operator overview / bitbank — considering handling JPYC
• Crypto Garage — Progmat SETTLENET PRO partnership + provision of institutional settlement infrastructure

Business implications

• CEX → EPI handling: adding a customer JPY ⇔ stablecoin swap function enables expansion of domestic-settlement / overseas-remittance channels. Extends the CEX’s scope of business into payment rails.
• Deposit tokens (DCJPY): centered on direct bank linkage + institutional settlement use. No CEX intermediation needed (a banking-infra direct-connection type). Coexists with CEX in both competition and complementarity.
• Competitive relationship: a 3 -pole competitive structure of Progmat (institutional) vs JPYC (retail) vs DCJPY (interbank settlement). Each is optimized for a different customer segment and use case.
• §501 denylist relation: under the influence of 2026 GENIUS Act §501, Japan EPI emerges as a “U.S. / EU / Japan \"three major circles\" stablecoin global compliance architecture” candidate.

Strategic roadmap

From 2026 H2 onward, each CEX plans to progressively unlock the handling of EPI-type stablecoins. As CEX × EPI integration advances, the liquidity-hub transformation of the domestic market as a whole is expected to accelerate. Deposit tokens (DCJPY) run alongside as a B2B institutional-settlement layer, and a two-tier structure (retail EPI + institutional deposit tokens) heads toward completion.

Related entries

• japan-epi-three-types-overview
• japan-epi-four-camps-comparison
• three-circles-stablecoin-mra-framework
• genius-act-501-denylist-mandate
• global-stablecoin-regulatory-five-pole-matrix — global stablecoin regulatory 5 -pole comparison
• japan-stablecoin-regulatory-landscape — Japan stablecoin regulatory landscape
• jpyc — JPYC operating-company anchor
• progmat — Progmat operating-company anchor