Toshiba and 25 other companies, financial institutions and local government bodies have joined a Japan Blockchain Foundation program to test potential applications for EJPY, a trust-based yen-denominated stablecoin being developed on Japan Open Chain. The program, which began in September and runs through February 2027, will examine domestic and cross-border payments, remittances, business-to-business settlement, digital-asset transactions, Web3 services and regional payment use cases. Participants will receive test EJPY tokens, wallets, regulatory and market information, consultations and access to Japan Open Chain for technical trials. The initiative does not require any participant to issue, handle or commercially launch a stablecoin service. EJPY is being prepared as Japan expands regulated stablecoin activity, alongside payment trials involving JPYC, USDC and USDT and stablecoin projects by major Japanese banks.