payments

SBI Group and Startale Launch Japan’s First Trust-Based Yen Stablecoin ‘JPYSC’

SBI Holdings, SBI Shinsei Bank, SBI Shinsei Trust Bank, SBI VC Trade, and Singapore-based Web3 infrastructure firm Startale Group have announced the launch of "JPYSC," the nation's first trust-based, Japanese yen-pegged stablecoin.

Issued by SBI Shinsei Trust Bank and distributed by SBI VC Trade, JPYSC represents Japan's first "Type 3 Electronic Payment Instrument" under the country's Payment Services Act. Unlike earlier funds-transfer-type stablecoins, this trust-based structure exempts JPYSC from the standard 1 million yen remittance and accumulation limits, positioning it as a viable tool for high-volume transactions.

Phased Rollout and Operational Framework

The stablecoin officially launched on June 24, 2026, under a restricted, phased implementation.

Initial Phase: JPYSC is currently limited to the internal ecosystem of SBI VC Trade. Users cannot transfer or withdraw the stablecoin to external digital wallets at this stage.
Next Steps: While technical and operational integration for public blockchain deployment is complete, a broader rollout depends on regulatory clarifications. The companies plan to transition JPYSC to public blockchains domestically and internationally as soon as legal frameworks, supervisory approvals, and tax treatments are finalized.
Immediate Utility: To provide immediate value to early adopters, SBI VC Trade has announced plans to launch a JPYSC lending service in the near future.

Strategic Objectives and Future Use Cases

The collaboration seeks to bridge traditional financial markets with on-chain economies by combining regulatory compliance with blockchain programmability. Once JPYSC transitions to public blockchains, the consortium aims to target several key institutional and retail use cases:

On-Chain Foreign Exchange: Establishing liquidity pools with USD-backed stablecoins to facilitate 24/7 yen-dollar settlements.
Institutional Lending: Creating borrowing and lending markets to generate new yen-denominated financing opportunities.
Real-World Asset (RWA) Settlement: Integrating JPYSC as a settlement layer for tokenized assets, including stocks, bonds, and real estate.
Cross-Border Remittances: Lowering costs and speeding up transaction times for international corporate and individual payments.
Commercial and Retail Payments: Partnering with domestic payment networks and credit card issuers for merchant clearing and retail transactions.

Executive Commentary

Leadership from the participating companies framed the launch as a critical step for Japan's global competitiveness in digital finance.

Yoshitaka Kitao, Representative Director, Chairman, and CEO of SBI Holdings, noted that creating on-chain settlement methods is an urgent priority as financial services move irreversibly toward blockchain networks. He emphasized that the group is working closely with regulators to resolve remaining legal hurdles for public chain distribution.

Sota Watanabe, CEO of Startale Group, described yen-pegged stablecoins as a core strategic asset for Japan. He stated that while the initial rollout remains confined to SBI VC Trade's platform, the infrastructure is fully prepared for public launch as constructive dialogues regarding tax and regulatory alignment continue.