Hiroshi Horie x Noritaka Okabe: What is the Future of the Japanese Yen in the Era of AI Agent Payments? | WebX2026

The Opportunities for Japanese Yen Stablecoins in the Era of AI Agent Payments

On July 13, 2026, a session titled "The Day AI Uses Money - Reading the Future in an Agent Economy" was held on the Binance stage at WebX2026. Hiroshi Horie, founder of the SNS Group, and Noritaka Okabe, CEO of JPYC, took the stage, with Yusuke Shitara, editor-in-chief of Gendai Shuppansha (New Economy), serving as the moderator. The discussion revolved around the role of stablecoins in an era where AI agents handle payments and whether the Japanese yen would be chosen.

The World Where AI Agents Handle Payments: An Introduction

At the beginning of the session, Shitara asked Horie where the world of AI agents autonomously conducting payments originates. He pointed out that the key lies in the ease of moving stablecoins on the internet. Whether to entrust payment authority to AI agents ultimately comes down to security design, he stated. By setting a cap on payments, the scope of authority can be limited in the same way as corporate budget management. Furthermore, he explained that by strictly establishing rule sets such as electronic signatures, fraud becomes less likely, and evidence remains on the blockchain. With smart contracts allowing conditions to be programmed, and the ability to write those programs through AI's "vibe coding," the era has arrived where contract-like content is executed as code. He also mentioned the example of a hardware wallet and crypto signer developed by a company he invests in, suggesting that a system where the network is physically disconnected and a person ultimately presses a button to confirm the payment will be necessary.

Supplement: AI agent payments via stablecoins are also being tested overseas, with movements to announce payment protocols incorporating stablecoins. Okabe noted that stablecoins like JPYC have primarily been used in the DeFi and cryptocurrency sectors, but there are fields, such as the travel industry, where AI agent-based payment processing has actually begun. He pointed out that APA Hotels is advancing foreign guest reservation handling through AI agents, and the release mentions plans to support agent payments, indicating a structure where payments are made in stablecoins like USDC, and businesses receive them in a form close to JPYC.

Which Currency Will AI Choose? The Logic of "Trust" and Balance

Shitara raised the question of whether stablecoins pegged to the dollar (USDT, USDC) would be sufficient for AI, shifting the discussion to the topic of "trust" in each currency. He explained that currency ultimately revolves around the issue of "trust," and as circulation and liquidity increase, volatility decreases. Bitcoin currently has high volatility, and due to a drop of about half since last October, there is a psychological tendency not to want to hold it long-term, whereas the large total circulation of the US dollar and Japanese yen provides a sense of security. He added that AI is likely to seek balance just like humans, and the usability from apps or AI agents is one of the significances of stablecoins. Okabe stated that if Japanese companies and individuals are to use AI agents, Japanese yen stablecoins will be absolutely necessary from the perspective of accounting and data processing. However, drawing from his experience as someone with a small vessel license, he pointed out that the concept of registering a ship in a country with loose regulations, like a "Panama-flagged ship," could also apply to AI. If AI is not bound by borders, there is a possibility it could establish itself in a country with favorable regulations and use dollars. On the other hand, he mentioned that if Japan can establish AI-friendly regulations, there is a possibility that the Japanese yen could be chosen by AI worldwide, expressing his hope that the yen, as something born in Japan, would become a currency used in the world of AI agents.

The Opportunities and Challenges for Japanese Yen Stablecoins: Taxation and Regulation

While the significance of Japanese yen stablecoins was discussed, the conversation also touched on challenges related to taxation and the current state of regulatory development. Japan's cryptocurrency tax system is high, with a maximum rate of 55%, and taxes are incurred at the point of acquiring tokens or altcoins and again when something is purchased, making it a complicated structure. He noted that he has been filing taxes for over ten years, but there are many who do not report their taxes. He stated that stablecoins can be processed similarly to fiat currency, providing tax advantages. Furthermore, it is expected that a minimum tax will be introduced next year, with a maximum tax of 30% on amounts exceeding 300 million yen. He mentioned that the angel tax system created as a countermeasure has strict certification conditions, making it difficult to use. Supplement: The transition to separate taxation for cryptocurrencies is a topic of ongoing discussion within the industry as part of tax reform trends, and future legal amendments are being closely watched. Okabe explained that there are currently no laws applicable when AI agents perform actions, and that is precisely the stage where development is needed. He mentioned that a policy including legal amendments has been indicated in discussions with lawmakers like Seiji Kihara, and JPYC has also been receiving hearings. Horie pointed out that because this is a completely new field, there are no existing resistance forces, making it easier to advance regulatory development. He contrasted this with the ride-sharing regulations that have been slow to progress due to opposition from the taxi industry, noting that there are increasing numbers of lawmakers within the Liberal Democratic Party who are knowledgeable about AI and crypto.

The End of Cash Society: The Path to Cashless

The discussion shifted to the theme of how the cash society will be replaced. Horie stated that cash and ATMs no longer have a meaningful existence in today's era and are only remaining out of "inertia," arguing that eliminating high-denomination bills would make large cash transactions difficult and accelerate the shift to cashless. He revealed that he had actually made this proposal to a politician. He introduced the example of China, where cash circulation was originally low and counterfeit bills were prevalent, leading to a rapid shift to Alipay and WeChat Pay, resulting in a society where even street homeless and street vendors complete transactions using QR code payments. He acknowledged that change takes time as long as lifestyle habits are ingrained, but cited the rapid adoption of smartphones over a few years as an example, expressing the view that change will inevitably come. In that context, he also mentioned the idea of providing benefits in stablecoins specifically to people at lower living levels and a future where companies pay salaries in JPYC. Okabe introduced the wallet "Unify" provided by LINE NEXT, which offers a 5% incentive as part of a campaign, noting that similar services have already begun in Japan. However, he also expressed the view that while it is easier to maintain high interest rates in US dollars, it is challenging to sustain the same level of interest rates in Japanese yen.

The Seriousness of Financial Institutions and the Expansion of AI-Driven Payments

The discussion also covered how existing financial institutions perceive stablecoins and the outlook for future transaction volumes. Okabe explained that banks and card companies are not viewing stablecoins as a threat to be eliminated but are rather conducting extensive research on them. He noted that Visa and Mastercard have filed numerous patents related to stablecoins, and Stripe is promoting them through acquired companies across the group. In Japan, JCB and Sumitomo Mitsui Card are conducting proof-of-concept experiments for touch payments linked to My Number cards, which he evaluated as progressing faster than expected. Currently, the daily transaction volume of stablecoins is around 20 trillion yen, but pure payment usage in stores accounts for less than 1% of the total, with the majority being automatic transactions by AI. He added that while the transaction volume itself expands due to rapid back-and-forth transactions, the total amount of assets moving in the real economy does not increase at the same pace. Supplement: Blockchain analysis firm Chainalysis has published an analysis suggesting that the transaction volume based on actual demand for stablecoins could reach as much as $150 trillion by 2035. The presence of domestic currency-denominated stablecoins like JPYC will be a key point of discussion regarding how much they can assert themselves in this expansion. Horie pointed out that the current global scale of 20 trillion yen per day is still a "not significant" scale, indicating that there is room for the Japanese yen to assert itself. He expressed the view that by becoming a currency chosen for convenience, like Panama-flagged ships, there is an opportunity to enhance its presence while suppressing volatility.

Session Summary

Horie noted that to effectively utilize AI, basic computer operation skills are necessary, but only about 15% of the entire population possesses these skills, predicting that jobs teaching AI utilization will rapidly increase in the future. Okabe concluded by stating that JPYC is the easiest option for companies to adopt, and by including Japanese yen stablecoins in their financial statements, they can get ahead of competitors. The session concluded with the discussion that whether Japanese yen stablecoins can assert their international presence in an era where AI agents autonomously handle payments depends on the speed of regulatory development and taxation, as well as the preparations on the corporate side.