Binance Pay opens USDT spending at PayPay merchants in Japan via HIVEX
In brief
- Binance Pay said eligible overseas visitors can spend USDT at most PayPay merchants from Wednesday.
- HIVEX routes the payments, linking overseas QR payment services to PayPay merchants.
- Binance said merchants keep receiving yen settlement and won't need to opt in separately.
- Japan drew a record 42.7 million international visitors in 2025, per the Japan Tourism Agency.
How the HIVEX route works
PayPay is a Japanese cashless payment service that's accepted at millions of locations nationwide, from major chains and smaller retailers to vending machines, taxis and public transportation. That's the footprint Binance Pay users are plugging into (not a separate list of crypto-friendly shops).
The plumbing sits in HIVEX. Binance said the service would run through that framework and that merchants would continue receiving settlement in yen. A visitor pays in a stablecoin; the shop sees yen.
Binance also said merchants won't need to opt in separately. For stores, the pitch is that nothing changes on their end (they get yen, and they don't sign up for anything new).
First crypto service on the rail, Binance says
Binance told Cointelegraph it's the first crypto payment service to access PayPay-supported merchants through HIVEX. It isn't the first overseas app on the framework, though. PayPay lists nine other overseas payment services supported through HIVEX, mainly from China, Hong Kong and Taiwan.
The rail isn't new. The asset is.
The tourism backdrop
Japan welcomed a record 42.7 million international visitors in 2025, according to the Japan Tourism Agency. In the latest comparable global ranking, based on 2024 data, the country ranked ninth worldwide and first in Asia.
This year's numbers look softer. The Japan National Tourism Organization recorded 3.1 million visitor arrivals in August, down 9.6% year on year, which brought the total for the first eight months of 2026 to 27.6 million, down 2.7%.
For Binance Pay, that's the market it's now pointed at: tens of millions of travelers a year, spending at merchants who'll only ever see yen.
Frequently asked questions
How does Binance Pay let visitors spend USDT at PayPay merchants in Japan?
Binance said the service runs through HIVEX, a payment interoperability framework that connects overseas QR payment services to PayPay-supported merchants in Japan. Eligible overseas users visiting Japan can pay in USDT at most PayPay-supported merchants, according to Cointelegraph.
Do Japanese merchants receive crypto from Binance Pay USDT payments?
No. Binance said merchants will continue receiving settlement in yen. The company also said merchants won't need to opt in separately to accept payments from Binance Pay users.
