Japan links card rewards to stablecoins

Sumitomo Mitsui Trust Club and Hashport have launched a service that allows credit card reward points to be exchanged for JPYC, marking what the companies describe as Japan's first stablecoin rewards conversion programme.

The initiative enables Diners Club and Trust Club cardholders to convert accumulated loyalty points into JPYC, a yen-pegged stablecoin, through the Hashport platform beginning next week.

Under the programme, 2,500 Diners Club reward points or 4,000 Trust Club points can be exchanged for 1,000 JPYC.

“We are delighted to combine stablecoins, which are attracting global attention as a safe and reliable next-generation payment method, with credit card points,”

Said Sumitomo Mitsui Trust Club president, Nobuaki Yamaguchi.

The companies will also introduce a promotional cashback programme from June through November that returns 500 reward points for every 1,000 points exchanged.

JPYC obtained through the programme can be managed across Ethereum, Avalanche, Polygon and Kaia networks and used for payments and other transactions.

Hashport chief executive Yoshihiro Yoshida said Japan's annual rewards point market exceeds ¥2.8 trillion and could become a significant catalyst for broader stablecoin adoption across the country.