Let's say the quiet part out loud. Sometimes it feels like Hiroshi Hara doesn't care about the little JASMY investors. We're watching the price. We're analysing every post. We're waiting for announcements. We want partnerships, adoption numbers, JPYD details and something; anything, that makes the wider market understand what we're seeing. And Hara? He appears far more interested in corporations, infrastructure, tokenisation, data, identity and building an ecosystem than keeping retail investors entertained. And perhaps that's exactly what we should want. Because JASMY doesn't need another million people tweeting about JASMY. It needs companies using it. Forget the hype. Get the corporations. Crypto has spent years teaching investors that success looks like attention. More followers. More influencers. More exchange hype. More announcements. More retail buyers. But if Jasmy's ambition is genuinely to become infrastructure for enterprise data, identity, IoT and digital transactions, retail attention isn't the prize. Corporate adoption is the aim. One investor buying 1,000,000 JASMY is useful for today's market. A corporation building a product that generates transactions every hour, every day, for years is potentially something completely different. And then imagine 100 corporations, 1000, and even 10,000. Each brings their own set of customers. Those customers create transactions. More transactions attract developers and businesses. Those businesses create more applications. Those applications create more transactions. That's how you get a network effect. Not: Investor → buys JASMY but potentially: That's where growth can start compounding. Hara may be playing a completely different game One of my recent blogs addressed Japanese business culture: relationships before announcements, trust before hype and long-term value over short-term noise. That matters here. Perhaps the mistake is expecting Hara to behave like the founder of a Western meme coin. Imagine his two choices. He can spend his time convincing another 50,000 retail investors that JASMY is going to be enormous. Or he can spend that time convincing companies to build on the infrastructure. Which one creates lasting value? If the Jasmy thesis succeeds, it's the second one. Retail can speculate on a network. Corporations can create the activity that gives the network a reason to exist. And then there's JPYD This is where the bigger picture gets particularly interesting. The important thing about JPYD isn't simply that Japan could have another stablecoin. Japan can have multiple stablecoins. JPYC can exist. Banks can issue stablecoins. JPYD could exist alongside them. The question is: What ecosystem does JPYD serve? Suppose JPYD eventually becomes the stable monetary layer within a broader Jasmy enterprise ecosystem (announced by Hara on X, on 10 June 2026). Now imagine this architecture: Suddenly we're not talking about convincing people to buy a crypto token because they think its price will increase. We're talking about building an ecosystem in which economic activity could create demand for the infrastructure underneath it. That is a vastly bigger ambition. This is the announcement I want Not: JASMY is trending! Not: A famous influencer mentioned Jasmy! Not even: JASMY is up 40%! I want the announcement that effectively says: JPYD is live, issued through an appropriately regulated Japanese entity, deployed on JasmyChain, with JASMY required for network transactions. That would potentially connect: We know that this is imminent but then give me the next announcement: ENTERPRISES ARE USING IT. Because that adds the missing ingredient: real transaction volume. At that point, the conversation changes. It stops being: “Imagine what Jasmy could become.” And starts becoming: “Look at what this network is actually processing.” Now imagine the compounding effect Suppose one enterprise joins. It brings applications and users. Those users generate activity. Another company sees an established ecosystem and joins. It brings another application and another group of users. Then developers see users. Financial services see transactions. IoT companies see infrastructure. More businesses build services. And every new participant makes the ecosystem potentially more useful to the participants already there. That is what people mean when they talk about network effects and potentially exponential growth. It isn't guaranteed, and growth rarely follows a perfect exponential curve indefinitely. But successful platforms can reach a point where adoption begins helping to generate further adoption. That's the prize. Let's not forget that Jasmy has partnerships with some of the world's largest organisations, who have millions and millions of users (e.g., Toyota, Panasonic etc.). And maybe we're not the customer This is the thought that changes the whole Jasmy story for me. What if Hara isn't trying to sell JASMY to us? What if he's trying to sell the Jasmy ecosystem to MORE corporations? We aren't necessarily the target customer. We're investors watching the infrastructure being assembled. And if that infrastructure succeeds, the people ultimately using it might never buy JASMY on an exchange. They might not even know they're interacting with Jasmy. They could simply: verify their identity, control access to their data, use an enterprise service, make a JPYD payment, interact with an IoT device, or use an application running on JasmyChain. The infrastructure underneath handles the complexity. That's potentially much bigger than retail adoption. But one enormous condition remains This is where excitement needs evidence. For this to become extraordinary for JASMY holders, corporate adoption of Jasmy technology must ultimately translate into economic utility for the JASMY token. That's the bridge for which we've been waiting. If that bridge is demonstrated at scale, the entire investment thesis changes. We don't have proof of that complete economic loop yet. We still need the issuer. The regulatory structure. The JPYD deployment (the website is up and login capacity ready). The transaction mechanics. The enterprise numbers. The network activity. And critically, evidence showing how that activity translates into JASMY utility. So Hara, feel free to ignore us Don't give us another hype campaign. Don't spend the year convincing crypto Twitter that JASMY is undervalued. Get the corporations. Get the infrastructure deployed. Get JPYD operational if that is indeed the plan. Get enterprises building. Get users transacting. Then give us the numbers. Because if Jasmy eventually proves: Identity → PDL → enterprise → JPYD → JasmyChain → JASMY at serious commercial scale, Hara won't need to tell retail investors why JASMY matters. The network will do it for him. One day, I will look back at this post and today's Jasmy price of $0.004312 USD. It will seem inconceivable. And, that is what makes this journey so painfully exciting. Remember when the previous Japanese prime minister spoke on the news about Jasmy! There will be no loss of face for the Japanese or its loyal Jasmy investors. One day you will wake up. You will be in the black and you will get to watch Jasmy rise and rise for the rest of your life. Now tell me, that isn't worth it!

For years, Jasmy investors have been waiting for one crucial development: a clearer explanation of how JASMY itself fits into the commercial ecosystem Jasmy is building. Jasmy has developed technology around personal data, digital identity, enterprise applications and blockchain infrastructure. JasmyChain has now added another piece to that architecture. But one particularly intriguing piece has remained unresolved: JPYD. Until recently, much of the discussion surrounding JPYD was speculative. Jasmy owned the JPYD trademark, but that alone did not tell us whether JPYD would become a stablecoin, who would issue it, where it would operate or what role JASMY would play. The picture is now becoming considerably more interesting. First: what is JPYD? JPYD is being developed as a Japanese yen-denominated stablecoin, designed so that: 1 JPYD ≈ ¥1 Unlike JASMY, whose market price can rise and fall, a stablecoin is designed to maintain a stable value. That makes the two assets potentially useful for very different purposes. JPYD could function as digital money. JASMY could function as the utility asset powering the infrastructure around that money. And that distinction could prove extremely important. The Harada statement changes the conversation The biggest development is a public statement from Hiroshi Harada, indicating that: “$JASMY will serve as the base currency for corporate token issuance and $JPYD (stablecoin).” That is much more significant than simply saying that JPYD and Jasmy are associated. It suggests that JASMY has an intended economic role within the JPYD ecosystem. Until now, one of the biggest questions surrounding Jasmy has been: Why does enterprise adoption necessarily create demand for the JASMY token? A company could theoretically use Jasmy technology without the value flowing through to JASMY holders. But if JASMY becomes a base asset supporting stablecoins and enterprise token issuance, the relationship between the technology and the token becomes potentially much stronger. Then there is JasmyChain This is where the pieces begin fitting together. JasmyChain has moved to mainnet, and JASMY is used as its gas token. Gas is essentially the blockchain resource required to execute transactions. So imagine an enterprise application running on JasmyChain. A customer might pay: ¥10,000 using a yen-denominated stablecoin such as JPYD. The customer does not need to worry about the price of JASMY. They simply see ¥10,000. Behind the scenes, however, the blockchain transaction may require JASMY to execute the transaction. Conceptually: Customer → JPYD → enterprise application → JasmyChain → JASMY That is potentially much more powerful than asking consumers to purchase JASMY simply to make everyday payments. JPYD provides the stable money. JASMY provides the blockchain utility. And JPYD now publicly identifies Jasmy There is another development that strengthens the relationship. The JPYD project website now includes Jasmy within its ecosystem/partner presentation. That matters because previously the connection was largely inferred from things such as Jasmy's ownership of the JPYD trademark. We now have multiple pieces pointing in the same direction: That's a substantially more developed picture than we had previously. But one critical link is still missing This is where we need to distinguish what looks likely from what has actually been confirmed. We do not yet have definitive confirmation that every JPYD transaction will occur on JasmyChain and consume JASMY. That would be the major technical confirmation. What we want to see is documentation establishing something like: JPYD transaction → JasmyChain → JASMY gas If that architecture is confirmed, JPYD activity could potentially create recurring network demand for JASMY. And that is very different from speculative demand for the token. Why recurring demand matters Suppose JASMY rises because traders suddenly become interested in it. People buy. The price rises. Eventually some traders sell. That demand can disappear as quickly as it appeared. Now imagine instead that thousands of businesses use infrastructure requiring JASMY. Every day there are: payments, identity transactions, enterprise tokens, data exchanges, IoT transactions, stablecoin settlements, smart-contract executions. If those activities require JASMY, demand is being generated by usage of the network, rather than solely by investors buying the token. Scale that from thousands of transactions to millions—or potentially billions of machine-to-machine transactions—and the economics become very different. That's why the JPYD architecture matters so much. Why wouldn't businesses simply use JASMY? Because businesses generally don't want their everyday money fluctuating dramatically. Imagine a company owes a supplier ¥1 million. It wants to know that the digital asset it sends tomorrow will still represent approximately ¥1 million. JPYD could provide that stability. JASMY can perform another job entirely: powering the infrastructure underneath the transaction. There is a familiar analogy. When you use an application on the internet, you don't purchase computing power from the server every time you press a button. You interact with the service. The infrastructure operates underneath it. JPYD could become part of the user-facing financial layer while JASMY operates deeper within the infrastructure. Corporate tokenisation could be even bigger Harada's reference to corporate token issuance should not be overlooked. Imagine companies being able to create: loyalty tokens, reward points, digital memberships, tokenised assets, employee incentives, customer rewards, machine-payment systems. JPYD could provide a stable settlement asset. Jasmy's identity technology could establish who is participating. The Personal Data Locker could control what information is shared. JasmyChain could provide the blockchain infrastructure. And JASMY could provide the network utility. That starts looking less like an individual cryptocurrency project and more like a digital economic infrastructure stack. Where does Remixpoint fit? This is another reason the situation deserves attention. Remixpoint has been expanding its strategy beyond simply holding Bitcoin. Its direction increasingly involves: enterprise digital assets, corporate wallets, tokenisation, Web3, deep technology, digital asset treasury strategies. And Hiroshi Harada sits at an unusual intersection between the Jasmy and Remixpoint ecosystems. That does not establish a Remixpoint–Jasmy commercial partnership. But it makes developments involving enterprise tokenisation, stablecoins and corporate digital assets particularly interesting to watch. The missing event remains a formal commercial relationship between the companies. If that occurs, the implications would need to be assessed separately. What hasn't happened yet? There are still several important pieces we should not treat as confirmed. JPYD has not yet been officially launched into full production. We still need clarity regarding: the legally responsible issuer, Japanese regulatory arrangements, banking and reserve arrangements, the blockchain deployment, the JPYD smart-contract address, and exactly how JASMY interacts with JPYD transactions. These aren't minor details. They determine whether JPYD becomes a genuinely important source of utility for JASMY or simply another product associated with the broader ecosystem. The announcement I'm waiting for The strongest possible confirmation would effectively say: JPYD is now live, issued through an appropriately regulated Japanese entity, deployed on JasmyChain, with JASMY required for network transactions. That would connect: And if enterprises were simultaneously adopting the infrastructure, the final piece would be: real transaction volume. That is when the discussion moves away from what Jasmy could become and towards measuring what the ecosystem is actually doing. The bigger picture The interesting thing about JPYD isn't simply the creation of another Japanese stablecoin. Japan can have multiple stablecoins. JPYC can exist. Banks can issue their own stablecoins. JPYD can exist alongside them. The important question is what ecosystem each stablecoin serves. JPYD could potentially become the stable monetary layer within Jasmy's enterprise ecosystem, while JASMY powers the blockchain infrastructure underneath it. If that architecture is confirmed, the relationship could look something like: Identity → Personal Data Locker → enterprise applications → JPYD → JasmyChain → JASMY That would finally provide something Jasmy investors have been waiting years to see: a clearer bridge between real-world adoption of Jasmy technology and economic utility for the JASMY token. We aren't at the end of that story yet. But compared with the days when JPYD was little more than an intriguing trademark, the pieces are beginning to form a much more coherent picture. And the next announcements; particularly the issuer, regulatory structure, mainnet deployment and JASMY transaction mechanics, could tell us whether that picture becomes reality.

Something genuinely interesting has appeared on JasmyChain. It is called NewtoLiquidityLocker—and although that name sounds painfully technical, what it does is quite simple: It prevents a token creator from suddenly taking back the money supporting their token. More importantly, this is not just code sitting unused on JasmyChain. It has already been used to create and lock two real liquidity positions. First, what is liquidity? Imagine somebody creates a new token called CAT. For people to trade CAT, the creator needs to put two assets into a trading pool: CAT tokens + JASMY The JASMY gives the CAT token something of recognised value to trade against. When people buy CAT, they add JASMY to the pool and receive CAT. When they sell CAT, they return CAT and receive JASMY. That pool of assets is called liquidity. The problem is that the person who created the token may still control the liquidity. Without protection, they could potentially remove the JASMY, leaving everyone else holding a token they cannot sell. That is known as a rug pull. What does the new locker do? NewtoLiquidityLocker takes control of the digital certificate representing the liquidity position and locks it inside a smart contract. The creator cannot recover that certificate—or remove the underlying liquidity—until the predetermined expiry date. The verified contract code confirms that: In other words, the lock is enforced by code rather than being based on somebody’s promise. This is not merely theoretical The contract was deployed on 25 July 2026. On 1 August 2026, it was used twice to launch two separate tokens with the same name: Giant Cat—TOTORO Each launch paired the new token with approximately 3,500 JASMY. The transactions then: created the TOTORO token converted the supplied JASMY into Wrapped JASMY created a Uniswap V3 trading pool deposited the TOTORO and JASMY liquidity created a digital certificate representing that liquidity transferred the certificate into NewtoLiquidityLocker locked the position until 30 September 2026 Across the two positions, approximately 7,000 JASMY was placed into locked liquidity. That is not a huge amount—but it proves that the machinery is working. The bigger discovery NewtoLiquidityLocker does not appear to be operating alone. It is connected to another smart contract that functions like a token-launch factory. The system can apparently create a new token, establish its Uniswap market, add JASMY liquidity and lock that liquidity in a single transaction. That means someone appears to be building the foundations of a token-launch platform on JasmyChain. Think of it as a small automated factory: Create token↓Pair it with JASMY↓Open a trading pool↓Lock the liquidity↓Allow trading to begin This is precisely the kind of infrastructure a blockchain needs if it wants developers, traders and new projects to use it. How does this benefit JASMY? The most important detail is that the new tokens are being paired with JASMY. Every successful launch could potentially require: JASMY to provide the initial liquidity JASMY to pay JasmyChain transaction fees JASMY to support trading pairs JASMY to remain locked inside liquidity pools further JASMY transactions whenever people trade The potential economic cycle is: More token launches↓More JASMY deposited as liquidity↓More trading activity↓More JasmyChain transactions↓More JASMY required for gas This is how a blockchain token begins to develop real utility. People are not simply being told that JASMY will have a future purpose. We can now see a small example of JASMY being used as the financial foundation of an application running on JasmyChain. Is this an official Jasmy development? That has not been established. The contract was deployed by an unidentified wallet, and I found no evidence connecting that wallet directly to Jasmy Incorporated, JasmyLab, JANCTION or Hiroshi Harada. The source code also contains references to Robinhood Chain, suggesting that the software may have been adapted from work originally developed for another blockchain. That is not necessarily a problem. JasmyChain was deliberately built to be compatible with Ethereum applications so that developers could bring existing technology across without starting again. In fact, independent developers choosing to deploy on JasmyChain is exactly what an open blockchain needs. But we should not present this as an official Jasmy product without confirmation. There is also a large fee The contract takes 30% of the trading fees earned by each locked position. The remaining 70% goes to the token creator. The operator can reduce that percentage, but cannot increase it above 30%. That is a substantial charge and suggests the system is intended to become a revenue-producing platform—not merely a free public service. It remains to be seen whether developers will consider the fee acceptable. What does this prove? It does not prove that JasmyChain has achieved mass adoption. It does not prove that major companies are preparing to launch tokens. It does not create enough demand to materially affect JASMY’s price today. What it does prove is that: JasmyChain supports functioning Uniswap V3 infrastructure independent smart contracts are being deployed tokens can be created directly on the network JASMY can be used as their liquidity partner liquidity can be locked through enforceable code the system has already completed real transactions That makes this a genuine development—not just a roadmap promise. The real significance Every successful blockchain ecosystem needs basic building blocks: wallets bridges exchanges trading pools token factories liquidity lockers payment systems useful applications NewtoLiquidityLocker appears to be one more building block being placed onto JasmyChain. Today, it involves two tiny TOTORO meme-token pools and approximately 7,000 JASMY. That is not an explosion of adoption. But forests do not appear fully grown overnight. First, someone builds the road. Then someone opens a small shop. Then others notice that the infrastructure works and begin building beside it. This contract may be one of those first small shops. For JASMY holders, the encouraging part is not the Giant Cat token. It is the fact that JASMY is being positioned underneath the activity—as gas, as liquidity and as the common asset connecting new applications to JasmyChain. Technically meaningful? Yes. Commercially significant? Not yet. A real sign that JasmyChain is beginning to function as an ecosystem rather than merely a concept? Absolutely.

For some time, Jasmy’s relationship with the Japanese government has been difficult to define. The company has developed technology compatible with Japan’s My Number Card and JPKI digital identity infrastructure, and the Digital Agency has published Jasmy’s Personal Data Locker as a recognised use case. But there is now something much more concrete. Nagano Prefecture has an operational public-sector project using digital infrastructure provided by Jasmy. The Nagano Prefecture project Nagano Prefecture is operating the “Wagamachi Carbon Credit NAGANO Project”, a regional initiative designed to digitise and circulate carbon credits generated within Nagano. The project formally began operating on 5 June 2025. The participating organisations include: Nagano Prefecture Tokio Marine & Nichido Fire Insurance TOSYS Nippon Travel Agency Jasmy Co., Ltd. Importantly, Jasmy is not simply listed as a promotional partner. According to Jasmy’s own project announcement, the company provides the digital infrastructure and system platform supporting the project. This means Jasmy technology is being used in a real government-backed service rather than merely being demonstrated as something that could eventually be used by government. What does the system do? The project is intended to create a digital mechanism through which carbon credits generated within Nagano can circulate between businesses and residents. In simple terms: Why this matters Jasmy has stated that its proprietary blockchain technology is used within the platform. That makes this particularly noteworthy because it demonstrates an operational use of Jasmy technology within a project led by a Japanese prefectural government. Until now, much of the discussion around Jasmy and government has centred on technical compatibility. For example, Jasmy’s Personal Data Locker has been developed to support authentication through Japan’s My Number Card and JPKI system. Panasonic Advanced Technology and Jasmy have also developed My Number authentication functionality and have stated that they intend to promote Jasmy-based applications to local governments, businesses and educational institutions. Those developments are important, but they do not by themselves demonstrate government adoption. Now, however, we have real activity in Nagano! Nagano is different. We now have: Together, the checklist (left) changes the current narrative from “technology that could potentially be used by government” to: “technology already being used within a Japanese government-led project.” Is Nagano using the Personal Data Locker? This is where the distinction becomes important. There is currently no clear evidence that the Nagano carbon-credit platform specifically uses Jasmy Personal Data Locker (PDL). The project confirms the use of Jasmy infrastructure and blockchain technology, but that does not automatically mean PDL forms part of the architecture. So we should not yet say: “Nagano Prefecture has deployed Jasmy PDL.” What we can say is: Nagano Prefecture is operating a project in which Jasmy provides blockchain-based digital infrastructure. That is still significant. In fact, it is just the beginning of a massive move into the Japanese government's infrastructure. If the Nagano platform proves to operate through JasmyChain, the economic relationship becomes: That would represent a direct economic link between a Japanese public-sector application and demand for the JASMY token. But that connection has not yet been demonstrated. The bigger picture is becoming clearer Nagano becomes particularly interesting when viewed alongside Jasmy’s other developments. Jasmy and Panasonic Advanced Technology have developed: My Number Card authentication JPKI identity verification Personal Data Locker IoT data processing developer SDKs Jasmy-based application frameworks Meanwhile, Japan’s Digital Agency has formally presented Jasmy PDL and JPKI functionality within its My Number Card information for government and municipal use. And now we know Jasmy is already supplying infrastructure to an operational Nagano Prefecture initiative. The emerging progression therefore looks like this: The first several stages are now backed by tangible evidence. The final stages remain the ones investors should watch most closely. What would be the next major breakthrough? The next announcement I would regard as genuinely significant would be one of the following: A named municipality deploys Jasmy PDL for residents. A municipal service uses My Number/JPKI through Jasmy. Jasmy publishes actual resident or transaction numbers. Nagano or another government project is confirmed to operate on JasmyChain. Or, most importantly: A government-linked application is confirmed to generate JASMY gas usage. That would connect government adoption not merely to Jasmy’s corporate technology, but directly to the economics of the JASMY token. Bottom line The Nagano project changes one important part of the Jasmy story. It is no longer accurate to say Jasmy is simply trying to enter Japan’s government market. There is now evidence of Jasmy infrastructure operating within a named Japanese prefectural government project. The next few announcements will be triggering.

If you have followed Jasmy for any length of time, you may have come across an extraordinary old target: 107 million users. Alongside it were two other targets: US$500 of data value per person and a PDR of 16.7. At first glance, there is an obvious problem. Where are these 107 million people? Jasmy doesn't report anything remotely resembling 107 million people using a Jasmy app today. Its Secure PC product currently advertises more than 5,000 licences. So was the 107 million figure unrealistic marketing? Was the old presentation fake? Or have investors misunderstood what Jasmy meant by a "user"? After digging through Jasmy's old white papers, Japanese announcements and the development of its technology, I think there is a much more interesting explanation. And, potentially, a much more positive one. It starts with a strange number: 529,100 An early Jasmy white paper included a table showing 529,100 "users sharing individual information". That sounds enormous for a young company. The figure was made up of: 426,600 associated with the Secure PC business 2,500 associated with its "New Normal" business 100,000 associated with awards, social media and events Those three numbers add up exactly to 529,100. The obvious interpretation would be that Jasmy already had 529,100 people using its technology. But that almost certainly wasn't what the table meant. And this is where the mystery starts to unravel. 426,600 people weren't using Secure PC Today, Jasmy's Secure PC website says the product has exceeded 5,000 licences. So how could Jasmy have had 426,600 Secure PC users years earlier? It probably didn't. Jasmy was working with Japanese BPO and contact-centre giant Transcosmos. Jasmy later described a use case involving approximately 21,000 telephone operators working remotely. But those operators interacted with much larger numbers of customers. That distinction is crucial. Jasmy wasn't necessarily counting computers running Secure PC. It appears to have been modelling the number of people its business channels could potentially connect to its data ecosystem. Think of it this way. A company might have 20,000 employees using a system, but those employees could interact with hundreds of thousands of customers. Those hundreds of thousands of customers are not 20,000 software licences. They represent the much larger population the system could potentially reach. That appears to be what was happening in Jasmy's early projections. Then the numbers start making sense Jasmy's early white paper actually contained two very different measures. One projected the number of people sharing information through its ecosystem. That was forecast to grow from approximately: 529,100 → 5.7 million over five years. Elsewhere, Jasmy described approximately 6 million individuals eventually participating in data transactions. Those numbers line up remarkably well. But the white paper contained another, much bigger figure: 100 million potential ecosystem users. And that's the key. Jasmy wasn't saying 100 million people were already actively using Personal Data Lockers. It was describing the population that could potentially be reached as Jasmy's technology became integrated into businesses and services. Then came the famous 107 million By February 2021, Jasmy presented its three major KPIs. One was: 107 million Active Users / Data Lockers The slide divided that target into: 7 million in Japan + 100 million overseas = 107 million Suddenly the earlier roadmap becomes very interesting. Jasmy had already been talking about millions of participating users and a potential ecosystem of around 100 million people. So the 107 million figure does not appear to have been invented out of nowhere. It looks like the next stage of a much larger strategy. And that changes how I interpret the target. Jasmy doesn't need 107 million people to download a Jasmy app This may be the biggest misunderstanding surrounding the KPI. When most of us hear "107 million users", we imagine: 107 million people download Jasmy → create an account → open the app → use it regularly. But that may not be the model at all. Jasmy's Personal Data Locker, or PDL, is increasingly becoming infrastructure behind other services. Imagine using: a company service → PDL or: a digital identity service → PDL or: a local government service → PDL or: a healthcare service → PDL The person may be interacting primarily with another organisation's service while Jasmy technology operates underneath it. That is very different from trying to convince 107 million people to download a niche cryptocurrency application. And this is where the developments since 2021 become important. Jasmy has spent years building the infrastructure When Jasmy announced these enormous targets in 2021, much of the ecosystem required to achieve them didn't yet exist. Today the situation is different. PDL has evolved. Secure PC has been commercialised. Jasmy has worked with Panasonic Advanced Technology on a Web3 platform connecting personal information with IoT data. JasmyChain has moved to mainnet, creating blockchain infrastructure where JASMY itself has utility as the gas token. And perhaps most importantly, PDL has developed an identity dimension. Japan's JPKI public personal authentication infrastructure has now become relevant to Jasmy's PDL technology. JPKI is connected to Japan's My Number digital identity infrastructure. That creates potential applications involving things such as identity verification, healthcare, certificates, municipal services, digital money and transactions requiring reliable proof of identity. Think about the difference. In 2021 Jasmy effectively had: Here is our vision for a huge personal-data economy. In 2026, there is substantially more infrastructure capable of supporting that vision. Why I think that is positive The bullish part isn't that Jasmy has achieved 107 million users. There is no evidence that it has. The positive part is that the original strategy makes considerably more sense when viewed through what Jasmy has subsequently built. Five years ago, 107 million looked like an extraordinary number attached to a relatively small blockchain project. Today we can see a possible mechanism for achieving very large scale: PDL embedded inside other platforms and services. One enterprise integration could potentially expose PDL to thousands of users. Multiple major enterprise integrations could expose it to millions. Identity infrastructure could potentially expand that much further. And importantly, growth wouldn't necessarily require Jasmy to acquire every individual user itself. Its partners could bring the users. That is potentially a much more scalable business model. Think of Jasmy as the plumbing Here's a simple analogy. You probably don't know which technology companies operate every piece of infrastructure behind your online banking. You don't need to. You use your bank. The infrastructure underneath performs its job. Jasmy's long-term opportunity could work similarly. The consumer might see: hospital employer local government sports organisation digital wallet IoT service while underneath some of those services sits: PDL → identity → permission → personal data → Jasmy ecosystem If that model succeeds, asking "How many people downloaded Jasmy's app?" becomes the wrong question. The better question becomes: How many people are interacting with services that use Jasmy infrastructure? That number could eventually be vastly larger. But there's still a clear reporting issue Jasmy needs to improve its reporting. If the company continues to regard 107 million PDL users as an important KPI, investors should be able to see progress towards it. For example: PDLs created: Xverified PDL identities: Xactive PDL users: Xenterprise integrations: Xmonthly data transactions: X We don't currently have that transparency. That matters. It would be wrong to turn a lack of disclosed numbers into evidence that enormous adoption is secretly occurring. We don't know. But equally, a lack of reported app users doesn't prove that the strategy has failed. The architecture appears to be designed for something much broader than a consumer app. And this changes how I see the old 107 million target Originally, 107 million sounded almost absurd. How does a relatively unknown Japanese technology company get 107 million people to use its product? But that's probably the wrong question. The question is: Could Jasmy's technology eventually sit underneath services collectively used by 107 million people? That's still an enormous target. But it is a completely different proposition. If Jasmy had to individually acquire 107 million retail customers, I would be extremely sceptical. If Jasmy can become an infrastructure layer used by enterprises, identity providers, IoT platforms, digital services and potentially public-facing services, 107 million endpoints becomes conceptually possible. Not guaranteed. Not achieved. But understandable. And now the US$500 KPI makes more sense too Remember the second KPI on that old slide: US$500 of data value per person. Jasmy wasn't simply trying to accumulate users. Its thesis was that individuals' data has economic value. The PDL gives the individual control over that data, including how it is stored, supplied and potentially used within the ecosystem. So ultimately Jasmy's model wasn't: Get 107 million crypto traders. It was closer to: Build a data infrastructure capable of connecting 107 million people to an economy in which personal data has measurable value. That's far more ambitious — but also much more aligned with everything Jasmy has subsequently been building. The mystery isn't completely solved There are still important questions. We still don't have a satisfactory current count of active PDL users. We still need to establish precisely how Jasmy calculated that mysterious 426,600 figure in the early white paper. And we certainly shouldn't treat the old 107m × US$500 × 16.7 calculation as a guaranteed future JASMY valuation. But we've uncovered something more useful. The early numbers weren't necessarily contradictory. They were describing different layers of the ecosystem: 5,000+ Secure PC licences= people/organisations directly using that particular product 529,100 early information-sharing opportunity= people associated with Jasmy's initial business channels ~6 million participants= longer-term projected data-transaction participants in the early roadmap 100 million potential ecosystem users= population potentially reachable through the ecosystem 107 million PDL users= the later long-term scale ambition Once those distinctions are made, the old Jasmy documents become much easier to understand. Why this matters for JASMY This is ultimately what investors care about. If PDL remains interesting technology used by a few thousand people, the 2021 valuation model isn't particularly useful. But if PDL becomes infrastructure used across large enterprise and consumer ecosystems, the economics change dramatically. More users could mean more PDLs. More PDLs could mean more data. More data could mean greater economic value moving through the ecosystem. More applications running on Jasmy infrastructure could create greater utility for JasmyChain. And because JASMY is the gas token of JasmyChain, successful expansion of activity on that infrastructure could create genuine token utility. That's why I think the developments are positive. Not because Jasmy has achieved its 107 million target. It hasn't demonstrated that. It's positive because we can finally see how a target that sounded almost impossible in 2021 could theoretically be approached without 107 million people ever needing to become "Jasmy users" in the way crypto investors usually imagine. The technology could go to the users instead. And if that was the strategy all along, the old 107 million KPI suddenly looks a lot less mysterious. In fact, it makes Jasmy potentially bigger than Ben Hur!

If you follow JasmyCoin, you may have asked the same question repeatedly: If Jasmy has so much potential, why doesn't the company shout about it? In cryptocurrency, we're accustomed to projects announcing partnerships before the ink is dry, executives teasing upcoming announcements on social media and marketing teams turning every development into a major event. Jasmy often feels very different. There are announcements, technical developments and strategic statements, but investors frequently have to piece together the bigger picture themselves. That can make Jasmy appear frustratingly quiet, particularly when compared with Western crypto projects. But there may be another way to understand it. Jasmy is a Japanese company operating within a Japanese business environment. And Japanese business culture can be very different from the promotional culture surrounding cryptocurrency. Jasmy isn't really behaving like a crypto startup This is probably the most important place to start. JasmyCoin trades globally as a cryptocurrency, but Jasmy itself describes its business around IoT platforms, information services, blockchain technology and the secure management and exchange of data. Its vision of Data Democracy centres on giving individuals greater control over their personal data. That puts Jasmy in areas such as: personal data → digital identity → IoT → enterprise systems → blockchain And increasingly, JasmyChain creates the possibility of connecting those systems to a blockchain where JASMY has an actual network function. That is a very different proposition from launching a token, building a community and then searching for something for the token to do. So perhaps we shouldn't expect Jasmy to communicate like a typical crypto project. Japanese business culture offers some clues The SBS Cultural Atlas describes Japanese business culture as placing considerable importance on formality, hierarchy, long-term relationships and consensus. Decision-making can therefore appear slow from the outside. A proposal may need to be discussed internally and agreement developed across multiple levels before a final decision is made. For an enterprise technology company, imagine what that could mean. A potential Jasmy deployment might involve: Initial discussions ↓ Technical evaluation ↓ Proof of concept ↓ Cybersecurity review ↓ Privacy and legal review ↓ Management approval ↓ Implementation ↓ Public announcement Crypto investors might become impatient somewhere around step two. But the companies involved may not consider the project ready to announce until step seven. This is where you need to believe in both yourself and Jasmy. Trust can matter more than hype Japanese business culture also places considerable emphasis on relationships and trust. That's particularly relevant to Jasmy because of what it wants enterprises to trust it with. Data. Potentially personal data. Potentially identity. Potentially connected devices. And potentially, as the ecosystem develops, digital assets and payments. These aren't areas where major companies necessarily want a technology provider screaming: MASSIVE PARTNERSHIP COMING!!! They want security, reliability, regulatory compliance and institutional credibility. For Jasmy, quietly establishing relationships with businesses and technology partners may therefore be more valuable than generating excitement among cryptocurrency traders. Silence doesn't necessarily mean nothing is happening This is where things get interesting. In the crypto world, we're conditioned to interpret silence negatively. No announcement? Nothing happening. No marketing campaign? No adoption. No executive interview? Project must be dead. But that interpretation doesn't necessarily translate neatly into Japanese enterprise culture. A significant amount of work can occur before a Japanese company is prepared to make a definitive public announcement. This means Jasmy could conceivably be involved in discussions, pilots or development work that investors know very little about. But there is an important warning here: Silence is not evidence that something big is happening either. We cannot turn a lack of information into evidence for the bullish case. It simply means we should not automatically interpret a lack of publicity as a lack of activity. This may explain why Jasmy is difficult to understand Imagine discovering Jasmy for the first time. You search for JASMY and see a cryptocurrency. You see a price chart. You see billions of tokens. You see people calling it the “Japanese Bitcoin”. Then you start digging. Suddenly you're reading about: Personal Data Lockers. Data Democracy. IoT. Digital identity. Enterprise data. JasmyChain. Layer 2 infrastructure. Custom gas tokens. Corporate tokenisation. And potentially JPYD. The investment thesis becomes substantially more complicated than: “Buy token because supply is limited.” The potential Jasmy thesis is really about whether all these components eventually become one functioning economic ecosystem. And the difficulty is that most crypto traders may not be able to fully embrace the complexity of the Jasmy infrastructure. And that's where JPYD becomes fascinating and useful JPYD is interesting not simply because it could be a Japanese yen stablecoin. The much bigger question is how it might eventually fit within Jasmy's infrastructure. Imagine a future architecture such as: Identity ↓ Personal Data Locker ↓ Enterprise application ↓ JPYD settlement ↓ JasmyChain ↓ JASMY utility That could potentially connect identity, data, enterprise activity, payments and blockchain infrastructure. But we need to be extremely careful here. That complete architecture has not yet been demonstrated as an operational system. There are pieces of it. There are statements about intended direction. There is real technology. But the final economic connection still needs to be proven. And that distinction is essential. The same applies to Apple and My Number This is another area where Jasmy's quiet communication style creates enormous speculation. Japan's digital identity transformation is potentially relevant to Jasmy's technology. Jasmy has been involved in Japanese digital identity infrastructure. Apple has brought My Number functionality to iPhone. Those facts naturally make investors wonder whether there is a deeper connection. But: Relevant technology does not automatically mean Jasmy powers Apple's My Number implementation. For that, we need official evidence. An Apple document naming Jasmy would matter. Japanese government documentation explicitly establishing Jasmy's role would matter. A production architecture showing Jasmy technology inside the system would matter. Until then, the potential is interesting, but it remains different from confirmation. The disadvantage of being quiet There is actually a significant downside to Jasmy's communication style. Information vacuums get filled by speculation. A corporate relationship becomes a partnership. A proof of concept becomes a deployment. A future plan becomes something happening today. An executive statement from a month earlier suddenly circulates as breaking news. And a technological connection becomes: “APPLE IS USING JASMY!” This isn't necessarily Jasmy's fault. But clearer communication would make it considerably easier for international investors to distinguish what is: operational, announced, planned, and possible. That distinction matters enormously when you're valuing a cryptocurrency. The real question isn't whether Jasmy is good at marketing For investors, there's a much more important question: Does adoption of Jasmy technology create demand for JASMY? Imagine Jasmy announced that 20 million people were using a product containing Jasmy technology. That sounds extraordinary. But investors should still ask: What does that do to the token? Now imagine instead that Jasmy announced: 20 million active users. Hundreds of enterprise customers. Millions of daily JasmyChain transactions. JPYD operating on JasmyChain. Corporate tokens being issued through the network. And measurable JASMY consumption generated by that activity. That changes everything. Because we would finally have: Adoption → transactions → JASMY utility rather than: Adoption → hopefully good for JASMY. This is why the next phase matters so much There are three stages through which I think Jasmy needs to progress. The first is strategic potential. Partnerships, demonstrations, technology development, executive statements, ecosystem relationships and future plans. The second is operational adoption. Named customers, deployed systems, regulatory approvals, launched products and real integrations. The third is economic proof. Users. Transactions. Revenue. Devices. Enterprise volumes. JasmyChain activity. And measurable demand for JASMY. It's the third stage that could allow the market to begin valuing Jasmy very differently. Perhaps Jasmy isn't trying to impress crypto Twitter That may ultimately be the simplest explanation. Jasmy appears to be building for a world in which personal data, digital identity, IoT devices, enterprises and blockchain infrastructure increasingly intersect. If it succeeds, the important customers may not be cryptocurrency traders. They could be corporations. Technology companies. Financial institutions. Government-related systems. Device manufacturers. And potentially millions of people who use Jasmy-powered infrastructure without ever knowing what Jasmy is. That's what makes the thesis interesting. The biggest possible Jasmy ecosystem may be one in which the average user doesn't need to understand JASMY at all. They verify their identity. Control their data. Use a service. Make a payment. Interact with a connected device. And underneath all of it, infrastructure performs the necessary transactions. So is Jasmy underestimated? Possibly. Probably. Japanese business culture gives us a reasonable explanation for why Jasmy's corporate behaviour may seem unusually restrained when viewed through the lens of the international cryptocurrency market. Its emphasis may be on these 3 things: trust before publicity relationships before announcements implementation before promotion But we shouldn't turn that cultural difference into an excuse for assuming success. The strongest bullish argument for Jasmy isn't: “They're Japanese and therefore something enormous must be happening secretly.” It's: “If the infrastructure Jasmy has been building achieves substantial enterprise adoption — and that activity creates measurable demand for JASMY — the market may eventually have to value JASMY based on utility rather than speculation.” That's the difference between potential and proof. And for Jasmy, the really exciting moment won't be another rumour. It will be the day the numbers start proving the story.

For years, Jasmy has been building something very different from a typical cryptocurrency project. Rather than focusing solely on token price, the company has concentrated on creating an enterprise ecosystem centred on digital identity, personal data ownership, blockchain infrastructure and business applications. One question has recently started to emerge: Where does a stablecoin fit into that ecosystem? What we know Jasmy executives have publicly discussed plans that include: Enterprise token issuance. KYC (Know Your Customer) functionality. JasmyChain. The Personal Data Locker (PDL). A proposed yen-denominated stablecoin referred to as JPYD. Taken together, these pieces suggest Jasmy is building infrastructure for enterprise-grade digital transactions rather than simply another blockchain. Why a stablecoin matters Stablecoins solve one of blockchain's biggest challenges. Businesses generally don't want to invoice customers or settle transactions using an asset that might fluctuate by 10% in a day. A stablecoin linked to the Japanese yen provides predictable pricing while still allowing transactions to occur on blockchain infrastructure. Imagine an enterprise ecosystem where: Customers authenticate their identity using the Personal Data Locker. Businesses issue digital assets on JasmyChain. Payments occur using a yen-backed stablecoin. Every transaction is securely recorded on-chain. That is a much more complete commercial ecosystem than simply holding a cryptocurrency. Who would issue JPYD? This is where things become particularly interesting. Many people assume that if JPYD launches, Jasmy itself would issue it. That may not be the most likely outcome. Because Japan has strict regulations surrounding stablecoins, it may be more practical for a licensed financial institution to issue the stablecoin while Jasmy provides the underlying technology, wallet infrastructure, identity verification and blockchain network. In other words: a regulated financial institution could provide the money, while Jasmy provides the technology. That model aligns well with Jasmy's enterprise-first strategy. Previous news: Jasmy Co., Ltd. owns the registered Japanese trademark “JPYD”. The trademark was: filed on 11 July 2023 registered on 8 May 2024 assigned registration number 6802251 registered in Jasmy’s name filed in classes covering business services and financial services. Could JPYC be involved? Some investors have wondered whether JPYC, Japan's existing private-sector yen stablecoin, could eventually become part of the Jasmy ecosystem. At present, there is no official announcement linking JPYC with Jasmy. However, the idea continues to attract attention because the two projects appear complementary. JPYC focuses on digital yen payments. Jasmy focuses on: identity, enterprise wallets, blockchain infrastructure, data ownership, enterprise authentication. Technically, these capabilities could work together. Whether they ever will remains unknown. Where JASMY could benefit The biggest question for investors is not simply whether a stablecoin exists. The important question is: How does JASMY fit into every transaction? If enterprise payments, token issuance and digital identity all operate on JasmyChain, and if JASMY is required as the network's native gas token, then increased enterprise activity could translate into greater demand for the token itself. That would make JASMY more than an investment asset. It would become the fuel powering an enterprise blockchain ecosystem. The missing confirmation Today, several important questions remain unanswered. We still do not know: who will issue JPYD, whether JPYD will launch, whether JasmyChain will become its primary settlement network, whether JASMY will be required for every transaction, or whether another existing stablecoin could eventually integrate with Jasmy's technology. Those answers will determine just how significant this opportunity becomes. Final thoughts Jasmy has spent years building identity infrastructure, enterprise wallets, blockchain technology and data ownership solutions. Adding a stablecoin into that architecture feels like a logical next step. Whether that stablecoin is ultimately called JPYD, issued through a regulated financial partner, or connected with another existing project remains to be seen. For now, investors should separate confirmed facts from possibilities. The facts tell us Jasmy is building enterprise blockchain infrastructure. The possibilities lie in how a stablecoin could complete that ecosystem, and whether JASMY itself becomes the indispensable utility token at the centre of it. If that vision is realised, the story may prove to be far bigger than a single cryptocurrency. It could represent the foundation of a regulated, enterprise-grade digital economy built around identity, trusted data and programmable payments.

For years, Jasmy investors have asked the same question: Is Jasmy really part of Japan's digital identity future, or is it just another blockchain project with ambitious plans? After weeks of digging through Japanese government websites, CyberTrust documentation and Apple's My Number rollout, the evidence is becoming increasingly compelling. No, there is still no official Apple–Jasmy partnership announcement. But what has emerged may actually be more important. The evidence is no longer coming from Jasmy Historically, much of the information about Jasmy's Personal Data Locker (PDL) came from Jasmy itself. Today, that's no longer the case. Multiple official Japanese government organisations are independently documenting Jasmy's role within Japan's trusted identity ecosystem. That is a significant shift. The Digital Agency names Jasmy The Japan Digital Agency's official My Number Card Information pages include a dedicated case study titled: "Introduction of JPKI to identity verification of personal data management system 'Jasmy Personal Data Locker'" The case study identifies: Jasmy Corporation CyberTrust Co., Ltd. and explains that Jasmy Personal Data Locker has introduced Japan's Public Key Infrastructure (JPKI) for online identity verification. This is not marketing material. It is an official government publication. Even more interesting... The Digital Agency also publishes a separate case study describing CyberTrust's iTrust identity verification service. CyberTrust confirms that iTrust supports: My Number Card Apple Wallet on iPhone Mobile Driving Licence (mdoc) verification Secure identity verification APIs In other words, we now have official documentation showing: Apple Wallet My Number support ↓ CyberTrust iTrust identity verification ↓ CyberTrust integration with Jasmy Personal Data Locker While this still stops short of proving Apple directly uses Jasmy, it creates a much stronger documented chain than previously existed. J-LIS quietly adds another piece The Japan Agency for Local Authority Information Systems (J-LIS), which operates Japan's Public Key Infrastructure, also lists Jasmy Co., Ltd. under CyberTrust Co., Ltd. within its official private-sector JPKI ecosystem documentation. Again, this isn't coming from the crypto community. It's coming from one of the organisations responsible for operating Japan's digital identity infrastructure. Why this changes the conversation For years, discussions about Jasmy often revolved around price predictions, tokenomics and speculative partnerships. The conversation is now becoming much more interesting. Instead of asking: "Will Apple partner with Jasmy?" perhaps the better question is: "Is Jasmy quietly becoming part of Japan's trusted identity infrastructure?" Those are very different propositions. Infrastructure companies rarely dominate headlines. Instead, they become embedded within systems that millions of people use every day without knowing it. The chain we can now confirm Based on official documentation, the following is now supported: ✓ Apple Wallet supports My Number Card. ✓ CyberTrust provides identity verification services supporting My Number on iPhone. ✓ CyberTrust officially integrates iTrust with Jasmy Personal Data Locker. ✓ The Digital Agency officially documents Jasmy PDL using Japan's Public Key Infrastructure (JPKI). ✓ J-LIS lists Jasmy within the official JPKI private-sector ecosystem. That is considerably stronger evidence than existed even a few months ago. The missing piece One critical question still remains unanswered. We do not yet have an official architecture document that explicitly states: Apple Wallet → CyberTrust iTrust → Jasmy Personal Data Locker Nor has Apple publicly named Jasmy in any developer documentation or product announcement. Until that happens, investors should avoid claiming there is an official Apple–Jasmy partnership. The evidence points to an indirect relationship, not a confirmed direct one. Why this could still be significant If Jasmy's long-term vision has always been to become trusted digital infrastructure rather than a consumer brand, then these government documents represent exactly the kind of progress investors should want to see. Governments create standards. Standards drive enterprise adoption. Enterprise adoption creates long-term commercial opportunities. Whether that ultimately translates into substantial demand for the JASMY token remains to be seen, but the underlying technology story appears increasingly grounded in real-world implementation rather than speculation. Final thoughts The market often waits for dramatic partnership announcements. Sometimes the most important developments are much quieter. An official government case study. A technical identity provider. A listing within national infrastructure documentation. Individually, these may seem modest. Collectively, they paint a picture of Jasmy participating in one of Japan's most important digital transformation initiatives. The next milestone to watch is clear: An official technical architecture, procurement document or enterprise announcement explicitly linking Apple Wallet, CyberTrust and Jasmy in a production environment. If that document eventually surfaces, it could become one of the most significant pieces of evidence ever released about Jasmy's role in Japan's digital identity ecosystem.

For months, one question has dominated the Jasmy community: "When will Apple announce its partnership with Jasmy?" After weeks of researching Japanese government documents, Apple documentation, CyberTrust technical papers and Japan's digital identity ecosystem, I've reached an interesting conclusion. We may be waiting for the wrong announcement. The evidence has quietly become much stronger Let's start with what we know. Apple has already launched My Number on iPhone This isn't speculation. Apple officially supports My Number Card in Apple Wallet. Millions of Japanese users can now securely store and use their government-issued digital identity on their iPhone. So the Apple side of the story is already real. Jasmy has also been officially recognised Separate to Apple, the Japan Digital Agency now officially documents Jasmy Personal Data Locker as an implementation that introduces Japan's Public Key Infrastructure (JPKI) for identity verification. This isn't a crypto article. It isn't a press release from Jasmy. It's an official Japanese government publication. Then came CyberTrust CyberTrust has officially confirmed that: iTrust supports My Number identity verification. iTrust supports My Number on iPhone. iTrust integrates with Jasmy Personal Data Locker for identity verification. Again... Not speculation. Official documentation. Then another piece appeared The Japan Agency for Local Authority Information Systems (J-LIS), which operates Japan's Public Key Infrastructure, officially lists Jasmy beneath CyberTrust within its private-sector JPKI ecosystem. Even more recently, the Digital Agency updated its provider listings to show: CyberTrust ↓ Jasmy as part of the official JPKI service-provider hierarchy. That may sound like a small administrative detail. It isn't. It demonstrates that Jasmy is being recognised inside Japan's official digital identity ecosystem—not simply promoting itself from the outside. The chain is becoming difficult to ignore Today we can independently confirm: ✅ Apple Wallet supports My Number Card. ✅ Apple Wallet uses Japan's Public Key Infrastructure. ✅ CyberTrust provides identity verification services for My Number on iPhone. ✅ CyberTrust officially integrates iTrust with Jasmy Personal Data Locker. ✅ The Digital Agency documents Jasmy Personal Data Locker using JPKI. ✅ J-LIS lists Jasmy within the CyberTrust JPKI ecosystem. Each piece comes from an official source. But one document is still missing Despite all of this... There is still one document nobody has found. An official technical architecture that explicitly says: Apple Wallet ↓ JPKI ↓ CyberTrust iTrust ↓ Jasmy Personal Data Locker or Janction That document would remove almost all remaining uncertainty. Why hasn't anyone found it? There are several possibilities. 1. It doesn't exist publicly Government architecture documents are often classified or distributed only to implementation partners. That wouldn't be unusual. 2. The architecture is split across organisations Apple publishes Apple's component. CyberTrust publishes CyberTrust's component. The Digital Agency publishes government components. Nobody publishes the complete end-to-end picture. This is actually common in large government technology deployments. 3. Jasmy sits one layer higher It's entirely possible that Apple has no direct relationship with Jasmy at all. Instead: Apple enables My Number. CyberTrust verifies identity. Jasmy consumes verified identity through Personal Data Locker. If that's the architecture, Apple may never mention Jasmy. The biggest misconception Many investors still expect a headline saying: "Apple partners with Jasmy." Personally, I think that headline is becoming less likely. Not because Jasmy isn't involved. But because infrastructure companies rarely receive public recognition from companies like Apple. Apple didn't announce partnerships with many of the component suppliers that make Face ID, Apple Pay or the Secure Enclave possible. Instead, Apple describes the capability. The infrastructure providers quietly do the work. Why this could still be enormous Imagine Japan eventually reaches nationwide adoption of digital identity. Millions of citizens. Healthcare. Government services. Financial services. Digital payments. Certificates. Regional currencies. If Jasmy becomes part of that trusted identity infrastructure—even without Apple ever saying the company's name—that could still represent a transformative commercial opportunity. Infrastructure doesn't need publicity. It needs adoption. The document I'm waiting for After months of research, there is now only one document that could dramatically strengthen the investment thesis. An official technical architecture showing something like: Apple Wallet ↓ JPKI ↓ CyberTrust iTrust ↓ Jasmy Personal Data Locker If that document ever appears from Apple, CyberTrust, the Digital Agency or J-LIS, it would likely become one of the most significant pieces of evidence ever released regarding Jasmy's role in Japan's digital identity ecosystem. Final thoughts The story has evolved. This is no longer about chasing rumours on social media. It is about connecting a growing body of official evidence. Government publications. Technical documentation. Identity infrastructure. Trusted authentication. Real implementations. We still don't have the final piece of the puzzle. But with every new official document, the picture becomes a little clearer. And if that missing architecture diagram ever surfaces, it may not just answer the Apple question... It could fundamentally change how the market understands what Jasmy has been building all along.

For years, one of the biggest questions surrounding Jasmy has been simple: Where is the real-world adoption? Investors have heard about Personal Data Lockers (PDLs), Data Democracy, Janction, digital identity and the famous 107 million user KPI. But until now, many of these concepts have been viewed as long-term ambitions rather than proven implementations. That may be beginning to change. A discovery hiding in plain sight While researching Japan's My Number ecosystem, I came across something that deserves far more attention than it has received. The Japan Digital Agency's official My Number information page includes a case study featuring Jasmy Co., Ltd. The document describes: "Introduction of Japanese Public Key Infrastructure (JPKI) to identity verification of personal data management system 'Jasmy Personal Data Locker'." Even more interestingly, it identifies CyberTrust Co., Ltd. as the related signature verification platform provider. This is not a crypto blog. This is not a rumour on X. This is not a YouTube influencer. This is an official Japanese government publication. Why this matters Most crypto projects spend years trying to convince governments that blockchain technology has practical value. This document suggests something different. Rather than promoting cryptocurrency, the Digital Agency is highlighting a practical implementation involving: National digital identity (JPKI) Personal Data Locker Verified authentication Trusted digital services Jasmy appears as part of that conversation. That is a significant distinction. This is not an Apple partnership Let's be very clear. There is no official confirmation that Apple is using Jasmy technology in Apple Wallet's My Number implementation. Apple has successfully launched My Number Card support on iPhone, but neither Apple nor the Japanese Government has publicly stated that Jasmy forms part of Apple's implementation. That claim remains unproven. However... This government document demonstrates something almost as important. It confirms that Jasmy's Personal Data Locker has been presented as an implementation using Japan's Public Key Infrastructure. That is a meaningful step beyond marketing material. Why I think investors are looking for the wrong announcement Many investors continue waiting for headlines like: "Apple partners with Jasmy." Personally, I now think that may be the wrong event to watch. If Jasmy is becoming part of Japan's digital identity ecosystem, the more likely sequence is: Government standards Enterprise adoption Identity providers Commercial deployments Only then do consumer-facing companies like Apple become relevant. Infrastructure companies rarely make headlines. Yet they often become the foundation everyone else builds upon. The missing piece One question still remains unanswered. How exactly does Jasmy integrate with the broader identity ecosystem? If we eventually discover documentation showing a production authentication flow such as: JPKI → CyberTrust iTrust → Jasmy Personal Data Locker then much of the speculation surrounding Jasmy's role would disappear. That single technical document would likely become one of the most important pieces of evidence investors have seen. Could this explain the famous 107 million user KPI? For years, many people dismissed Jasmy's target of 107 million users as unrealistic. But what if the founders never intended for 107 million people to buy cryptocurrency? What if they expected 107 million people to unknowingly use services built on Jasmy's infrastructure? Those are two completely different business models. One relies on speculation. The other relies on digital identity becoming everyday infrastructure. Why this changes my thinking Before finding this government publication, I believed the biggest potential catalyst would be an Apple announcement. Now I'm not so sure. Governments create standards. Standards create ecosystems. Ecosystems create enterprise adoption. Enterprise adoption creates long-term value. If Jasmy becomes embedded within Japan's trusted digital identity infrastructure, that could ultimately prove far more important than a single partnership announcement. What I'm watching next There are four developments that would significantly strengthen the investment case: CyberTrust explicitly naming Jasmy in relation to My Number or iTrust. A Japanese Government procurement or Digital Agency document identifying Jasmy in a production deployment. Technical documentation showing Jasmy or Janction components within a live identity architecture. Apple or Apple Developer documentation referencing Jasmy technology (the least likely, but most explosive). If any of these emerge, they could fundamentally change how the market views Jasmy. Final thoughts The crypto market often reacts to headlines. Long-term value, however, is built on evidence. This government case study does not prove an Apple partnership. It does not guarantee a higher token price. What it does provide is something arguably more valuable: Evidence that Jasmy's technology is being recognised within Japan's official digital identity landscape. For a company whose vision has always centred on trusted personal data, digital identity and user-owned information, that may be one of the strongest signals yet that the strategy is moving from concept toward reality.

Something genuinely important just happened in Japan’s financial system, and it quietly connects the dots between Sony Bank and Jasmy Corporation. Banks are going on-chain In April 2026, Sony Bank signed a deal with JPYC Inc. to integrate a yen-pegged stablecoin directly into banking infrastructure. What this actually means: • customers could convert bank deposits into digital yen instantly • no exchanges, no manual transfers, no friction • stablecoins become a native banking feature, not a crypto add-on The goal is real-time conversion from deposits to stablecoin inside the banking interface. Why this is a big deal Japan is not experimenting loosely. It has: • legal recognition of stablecoins under the Payment Services Act • fully backed 1:1 yen stablecoins supported by reserves This creates something rare globally: institution-grade, regulated digital money. Sony Bank is positioning itself as a bridge between traditional finance and Web3 infrastructure. Where Jasmy fits Jasmy is not formally part of this deal, but structurally this is exactly the environment it was designed for. The emerging architecture looks like this: • Sony Bank → money layer holds deposits, enables conversion to stablecoins, manages compliance and identity • JPYC → transaction layer provides digital yen, enables instant settlement, supports programmable payments • Jasmy → data and identity layer enables Personal Data Locker, user-controlled identity, permission-based data exchange The convergence What Sony Bank has enabled is not just payments, but programmable finance within a trusted system. Add Jasmy into that environment: • identity is controlled by the individual, not stored solely by the bank • financial data access becomes permission-based • transactions can integrate with devices, services and behavioural data This is where decentralised data meets regulated finance. The Sony ecosystem angle The partnership includes exploration of use cases across digital services such as gaming, music and content. Within the broader Sony ecosystem, this creates potential for: • seamless conversion of yen to stablecoin for digital spending • direct payments across platforms without intermediaries • faster, embedded financial experiences If combined with Jasmy’s model: • identity and preferences travel with the user • access and monetisation shift toward user control What this signals This marks a transition in system design. Old model: • banks hold money • platforms hold data • users have limited control Emerging model: • banks provide compliant financial rails • blockchain enables settlement • users control identity and data Conclusion There is still no formal partnership between Sony Bank and Jasmy. However, they are now operating within the same structural stack: • Sony Bank is enabling regulated stablecoin infrastructure • JPYC provides the digital currency layer • Jasmy represents the decentralised identity and data layer The significance is not in a direct link, but in the alignment. For the first time, these layers are becoming interoperable in a real-world system. #Sony, #Jasmy, #JYPC

A quiet signal with big implications: When JasmyCoin shows up as an ecosystem partner on the JYPD website, it is not a marketing coincidence. It is a structural clue. Japan is assembling something far more deliberate than fragmented crypto projects. It is building a compliant, interoperable Web3 stack where identity, data, devices and money operate as one system. This is not speculation-driven Web3, it is infrastructure. The architecture is a three-layer system: At a macro level, the emerging model looks like this. 1. Identity and data layer JasmyCoin sits here. Its core proposition includes personal data lockers, user-controlled identity, and IoT data ownership and permissioning. This layer answers a foundational question, who owns the data and who grants access. 2. Device and enterprise layer This is where companies like Panasonic come in. Their role is to connect real-world devices, generate high-value real-time data, and embed Web3 capabilities into hardware ecosystems. This layer answers where the data comes from and how it is used. 3. Financial settlement layer This is where JYPD fits. Its role is stable yen-denominated transactions, compliant payments infrastructure, and settlement without crypto volatility. This layer answers how value is exchanged. Why Jasmy is an “eco partner”: The term “eco partner” is often misunderstood. It does not necessarily mean a live integration today. It signals alignment at the architecture level, compatibility of systems and standards, and intent to interoperate within the same ecosystem. In this case, the alignment is unusually tight. JasmyCoin provides data ownership and identity, while JYPD provides trusted, stable payments. Together, they address a core Web3 problem, turning personal data into usable, compliant economic value. The real use case - data becomes an asset class: If this ecosystem matures, the flow becomes straightforward. A user generates data via connected devices, the data is stored and permissioned through Jasmy’s infrastructure, an enterprise requests access, the user grants permission, payment is settled in JYPD, and the user receives value. This forms a closed-loop data economy that is compliant, monetisable and user-controlled. Why Japan is uniquely positioned: Japan’s approach differs from many Western crypto ecosystems. It is regulatory-first rather than innovation-first, enterprise-integrated rather than retail-driven, and combines hardware with software ecosystems. With entities like Panasonic involved, this is not just digital infrastructure, it is embedded into physical systems. That is the critical distinction. What to watch next: The ecosystem partner label is the starting point. The meaningful signals will be pilot programs linking Jasmy data lockers to real payments, IoT device integrations that generate monetisable datasets, enterprise use cases where data access is transacted in JYPD, and alignment with Japan’s broader digital identity initiatives. The bottom line JasmyCoin appearing as an eco partner on JYPD is not a minor detail. It is massive because it listed (along with Ethereum) as only 1 of 18 partners! In fact, it signals the emergence of a coordinated stack where identity, data, devices and money are designed to function together. If executed, this model reframes Web3 from speculation to infrastructure for everyday economic activity, where data is no longer extracted but owned, controlled and paid for. The bottom line: the writing is on the wall. In my opinion, Jasmy is worth a minimum of $6 to $7, once its data lockers turn into real payments for Japan's 125 million residents.