Tokyo Introduces Subsidy Program to Promote Yen Stablecoin Adoption

Tokyo has launched a subsidy program aimed at promoting the use of yen stablecoins to build a digital economy and enhance the yen's status. According to Foresight News, the program, announced by the Tokyo Metropolitan Government's Bureau of Industrial and Labor Affairs on April 15, supports projects utilizing yen stablecoins issued within Japan for transactions and remittances. The maximum subsidy per project is set at 40 million yen, covering up to two-thirds of related expenses. The subsidy covers costs such as external platform usage fees, including issuance platforms, wallets, and blockchain node fees, as well as expert legal and audit consultation fees and system development costs. Eligible applicants must have a registered headquarters or branch in Tokyo, and the verification or implementation of the related projects should be completed by the end of the fiscal year in which the subsidy is granted.