SBI Group Launches Japan's First Trust-Type Yen Stablecoin 'JPYSC'

SBI Holdings, together with SBI Shinsei Bank, SBI Shinsei Trust Bank, SBI VC Trade and Startale Group, announced the issuance of JPYSC, a trust-type yen-denominated stablecoin, on June 24, 2026. The stablecoin is initially available only within SBI VC Trade accounts as a limited pilot.

JPYSC is issued by SBI Shinsei Trust Bank and circulated by SBI VC Trade, which holds Japan’s sole license as an electronic payment instruments dealer. It is the first trust-type yen stablecoin treated as an electronic payment instrument under Japan’s Payment Services Act. Unlike Type 1 electronic payment instruments, JPYSC is not subject to the 100 million yen limit on holding, trading or withdrawal.

The stablecoin was jointly developed with Startale Group, a Singapore-based fintech company and an equity-method affiliate of SBI Holdings. The trust structure ensures the underlying assets are managed by a trust bank. According to the companies, JPYSC offers significantly lower transfer costs than existing payment methods and supports large-value transfers, making it suitable for corporate use. Exchange with USD stablecoins is expected to enable global adoption.

Initially, JPYSC cannot be transferred to external wallets. Technical and practical preparations for public blockchain circulation are complete, but the companies will wait for regulatory and tax clarifications before moving to public chains. SBI VC Trade also plans to launch a JPYSC lending service soon.

Use Cases and Public Blockchain Transition

The companies outlined several use cases for JPYSC after public chain migration, including on-chain forex markets, institutional lending and carry trades, settlement of tokenized real-world assets (RWA), domestic retail payments and merchant settlement, cross-border remittances, and OTC liquidity for institutional investors.

Executive Comments

SBI Holdings Chairman and CEO Yoshitaka Kitao commented: “As the on-chain shift of financial functions progresses irreversibly, creating on-chain-compatible payment methods is an urgent issue. We are very pleased to have started providing JPYSC and to be on the starting line against fierce global competition. While legal challenges remain for public chain distribution, SBI Group will work closely with regulators to resolve them and drive innovation in Japan’s financial system.”

Startale Group CEO Sota Watanabe added: “On-chain finance is a global trend, and Japan has a strategic position to lead in Asia and compete globally. Technical and practical preparations for public chain distribution are already complete. We will continue constructive dialogue on regulatory and tax matters to achieve rapid public distribution and strengthen Japan’s international competitiveness.”