Key Takeaways:
- Sumitomo Mitsui Trust Club partners with Hashport for JPYC stablecoin conversions
- ¥2.8 trillion in annual loyalty points could flow into Japan's stablecoin ecosystem
- A 50% cashback program launches June 1 to boost JPYC adoption
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Sumitomo Mitsui Trust taps ¥2.8T loyalty pool with JPYC stablecoin swap
Sumitomo Mitsui Trust Club will let cardholders convert loyalty points into JPYC stablecoins starting next week, unlocking access to ¥2.8 trillion ($18.6 billion) in annual point issuance that could accelerate stablecoin adoption across Japan.
The service, the first of its kind in the country, allows Diners Club and Trust Club card members to exchange reward points for JPYC, Japan's first onshore yen-pegged stablecoin, through non-custodial wallet Hashport. Every 2,500 Diners Club points or 4,000 Trust Club points will convert to 1,000 JPYC when the program goes live on June 1.
"Points represent a massive fund pool with over 2.8 trillion yen newly issued annually, and have the potential to be a catalyst for the social implementation of stablecoins," Yoshihiro Yoshida, CEO of HashPort, said.
JPYC is issued by JPYC Inc. and is redeemable 1:1 for Japanese yen. The stablecoin is available across four blockchain networks — Ethereum, Avalanche, Polygon and Kaia — giving users flexibility to spend or transfer the tokens across DeFi applications and payment services.
To drive early adoption, Sumitomo Mitsui Trust Club is launching a cashback promotion from June 1 through Nov. 30 that returns 500 points for every 1,000 points exchanged. Nobuaki Yamaguchi, President and Representative Director of Sumitomo Mitsui Trust Club, said the company was "delighted to combine stablecoins, which are attracting global attention as a safe and reliable next-generation payment method, with credit card points." He noted that the reward points carry no expiration date.
The partnership marks a significant step in bridging traditional loyalty programs with blockchain-based payments in Japan's regulated financial system. Noritaka Okabe, Representative Director at JPYC, called the move "an important step in connecting existing payment services with blockchain technology," adding that stablecoin use is expected "to expand from daily life to business settings."
Japan's stablecoin framework, established under the 2022 amendments to the Payment Services Act, requires issuers to maintain full fiat backing and operate under trust company licenses — a structure that Sumitomo Mitsui Trust Club, as a licensed trust bank, is well-positioned to navigate. The regulatory clarity has made Japan one of the more active markets for yen-denominated stablecoins, with JPYC competing against other regulated issuers.
The ¥2.8 trillion in annual loyalty point issuance represents a dormant pool of value that, if even partially converted, could meaningfully expand the on-chain stablecoin supply in Japan. Metaplanet, the Tokyo-listed Bitcoin treasury company, announced a strategic investment in JPYC in March 2026, signaling growing institutional interest in the token.
This article is for informational purposes only and does not constitute investment advice.
