DCJPY
Consortium-issued yen tokenized deposit, operated by DeCurret DCP. Distinct from Progmat in operator and consortium composition; both serve the same broad goal of bank-issued tokenized cash on a permissioned ledger under the FSA's post-2023 stablecoin framework.
Operating details
How it actually settlesTwo-layer design. DeCurret DCP operates the DCJPY common ledger (a permissioned blockchain that DeCurret refers to as the "DCJPY Network"), while individual partner banks issue their own deposit tokens against ringfenced "dedicated accounts" that mirror existing deposit liabilities. Issuance, transfer, and redemption are standardised in smart contracts; the layer split keeps tokens fungible across consortium banks while letting each bank retain its own KYC, core-banking integration, and balance sheet exposure. Distinct from Progmat in operator (DeCurret DCP rather than MUFG-led Progmat) and consortium composition.
DeCurret DCP · GMO Aozora Net Bank · Internet Initiative Japan (IIJ) · SBI Shinsei Bank · Japan Post Bank · SBI Securities · Daiwa Securities · BOOSTRY · Osaka Digital Exchange (ODX) · Fast Accounting · Transaction Media Networks · Partior · Shinoken Group
Production live since August 2024 with IIJ and GMO Aozora Net Bank as the first issuing pair, initially settling renewable-energy-certificate trades. Japan Post Bank's planned fiscal 2026 rollout would extend access to roughly 120 million account holders sitting on about USD 1.29 trillion in deposits; Japan's wider security token market reached around JPY 270 billion in public offerings by November 2025, and the April 2026 SBI/Daiwa DvP test settled real ST corporate bond trades against DCJPY on ibet for Fin.
Sits inside Japan's PSA amendments that took effect in June 2023, where bank-issued tokenized deposits are treated as deposit liabilities of the issuing bank rather than as electronic payment instruments (the regime used for permissionless stablecoins). The FSA accepts bank-balance-sheet issuance under existing banking licences, and the BoJ has signalled it views tokenized deposits as compatible with its CBDC research track rather than competing with it.
Wholesale and B2B flows only at present (REC trades, corporate invoice automation, ST DvP); no live retail rollout despite the announced TMN point-of-sale work and Japan Post Bank's fiscal 2026 retail intent. Cross-currency settlement still at MoU stage with Partior, and DCJPY tokens are not transferable to foreign-bank holders or to AI-agent wallets without bank onboarding.
Recent news3 curated · awaiting ingestion
- CURATED2026-04-24DeCurret DCPAnnouncement of the Completion of the First Field Test for Security Token Payments Using Tokenized Deposits in Japan
SBI Securities, Daiwa Securities, SBI Shinsei Bank, BOOSTRY, ODX, and DeCurret DCP closed Japan's first real-time atomic DvP between ST corporate bonds on ibet for Fin and DCJPY, removing the T+2 cash leg from secondary ST trading.
- CURATED2025-11-27Ledger InsightsJAPAN POST BANK to start DCJPY tokenized deposit trials for real estate payment
Japan Post Bank, DeCurret DCP, and Shinoken Group will pilot DCJPY for rental, utility, and real estate payments, the first concrete retail-adjacent use case ahead of Japan Post Bank's fiscal 2026 rollout to 120 million account holders.
- CURATED2025-09-16DeCurret DCPSBI Shinsei Bank, Partior, and DeCurret DCP Agree to Launch Full-Scale Study on Foreign Currency Transactions Using Tokenized Deposits
MoU connects DCJPY to Partior's multi-currency settlement platform (already used by DBS, J.P. Morgan, Standard Chartered, Deutsche Bank), giving Japan a credible path to 24/7 JPY cross-border tokenized settlement.
Sunday evening Singapore time. Importance-3 items, one deep dive, what's worth watching next.