Can 'Slash' Transform a 'Yen-Only Nation'? A Strategy for Stablecoin Adoption—Interview with Shinsuke Sato

Summary

1. Building Trust in the Japanese Market is a Top Priority, Pursuing Unique Card Development

Slash is spearheading the implementation of 'cryptocurrency cards' from Japan, establishing partnerships with multiple companies. Although the release was delayed due to regulatory and coordination challenges, the focus for 2026 is to strengthen the business foundation based on trust and partnerships.

2. Promoting Stablecoins as an 'Experience,' Targeting Non-Crypto Users

Through a card that allows USDC to be used as yen, the aim is to popularize it as 'money that can be used without being conscious of crypto.' The branding targets younger and inexperienced users, aiming to acquire 100,000 new users.

3. Advancing Regulatory Compliance and Infrastructure Development for Full-Scale Deployment in 2027

Realizing ATM withdrawals and bank integrations requires obtaining licenses, and dialogue with the Financial Services Agency is ongoing. The goal is to establish an environment where multiple currencies can be freely used, becoming a starting point for stablecoin adoption in Japan.

──Looking back at 2025, what was the most significant achievement for your company?

Shinsuke Sato (hereafter, Sato): For the crypto industry, it was a year of transition from a bull market to a bear market. Surviving in such an environment was significant.

To be honest, there weren't many major product announcements from Slash in 2025. However, establishing Slash's presence with the recognition of 'cryptocurrency cards' and 'using stablecoins with a card,' which do not yet exist in Japan, was an achievement.

──Conversely, what challenges did you face?

Sato: We couldn't release the 'Slash Card' as planned in 2025. While there was a lack of preparation, the coordination within Japan was more challenging than expected. Many overseas crypto cards are made OEM, and there are only about two companies actually providing the technical foundation.

On the other hand, we advanced to the point of issuing our own card primarily in Japan. We collaborated with Orico as a BIN sponsor and partnered with many companies, including Visa Japan. In other words, we are creating a new system in Japan with companies that have never handled crypto cards. This required time for explanations, understanding, and internal approvals.

As a result, we couldn't meet the initial schedule, causing delays for our users. We are currently preparing to provide beta version cards to the 10,000 people who pre-registered, with plans to issue them sequentially in the first half of 2026.