A Japanese hauler, AZ-COM Maruwa, wants to pay 2,300 truck drivers in something called JPYC, a token pegged to the yen. The appeal, they say, is no transfer fees and faster payment. I can believe both. But note what does the pegging. Someone holds yen and issues claims against it; the drivers are trusting that issuer to keep the two equal and to pay on demand. That is the older arrangement — a note redeemable at a counter. The fees fell, and the trusted third party came back in through the same door. Useful, probably. New, no.