In this series, crypto analyst "Kasou NISHI" engages in candid discussions about trends in the crypto asset industry. This installment features a conversation with Yoichiro Hirano, President of Asteria—a company specializing in the development of enterprise software products. We spoke with him about the true value of "JPYC Gateway"—Japan's first JPYC deposit and withdrawal management service for enterprises, which was launched after extensive preparation—as well as his vision for the widespread adoption of stablecoins from the perspective of a listed company.
Kasou NISHI: Back in 2017—an early stage for the industry—Asteria conducted a proof-of-concept (PoC) for "ZEN (JPYZ)," which is considered Japan's first Japanese yen-pegged stablecoin. At a time when the very term "stablecoin" had not yet entered the mainstream, what drew your attention to this concept?
Yoichiro Hirano (hereinafter "Hirano"): Asteria’s core business has always been infrastructure software that connects enterprise systems. When blockchain technology emerged, our fundamental mindset was focused on how it could be applied to actual business operations.
Bitcoin (BTC) was already attracting attention at the time, but its price volatility was extreme, making it completely unsuitable for corporate settlements or everyday transactions. No matter how excellent the technology might be, corporate adoption won't expand unless the price is stable. That is why I became convinced that stablecoins—which offer price stability—were essential; consequently, we issued ZEN through the Blockchain Collaborative Consortium (BCCC), an organization we helped establish.
Kasou NISHI: So, the PoC for ZEN paved the way for a stronger relationship with JPYC Inc., the company that later issued the Japanese yen stablecoin "JPYC."
Hirano: Exactly. I believe this was due not only to the fact that we had issued a stablecoin ourselves but also to our identity as experts in "connecting people."
We were able to successfully complete Phase 1 of the ZEN proof-of-concept. However, just as we were preparing to move to Phase 2, a major incident involving the illicit outflow of funds occurred at a domestic cryptocurrency exchange in January 2018. This led to many exchanges receiving business improvement orders, creating an environment where continuing our proof-of-concept trials was no longer feasible. It was during this period that Noritaka Okabe, the representative of JPYC, reached out to me to discuss his plans to launch a new venture.
Kasou NISHI: I feel that communication was so smooth between us precisely because we shared a similar vision for the future.
Hirano: Stablecoins aren't merely the subject of proof-of-concept experiments; they embody the vision—the very "spirit"—of Satoshi Nakamoto, the creator of Bitcoin. After all, the opening of the Bitcoin white paper itself discusses the concept of "digital cash" (a peer-to-peer electronic cash system).
Yet, the market at the time was fixated on speculation—buzzing about Bitcoin's price fluctuations—rather than realizing Satoshi’s original intent: the actual circulation of digital cash. I believe stablecoins offer the solution to bringing that philosophy to life in the real world.
When Mr. Okabe came to consult with me, our perspectives on the "societal implementation of digital cash" aligned perfectly. Once the necessary organizational framework was in place, I decided to invest in and support the project.
