SBI Group has launched JPYSC, a new yen stablecoin issued through its trust banking arm and developed in partnership with Startale Group. The companies say they have completed the first issuance, marking a move from planning to live deployment under Japan’s updated digital asset rules. SBI Shinsei Trust Bank manages the reserves, while SBI VC Trade handles distribution to customers.
SBI describes JPYSC as Japan’s first yen stablecoin, with reserve assets held in a regulated trust bank structure rather than a standard commercial bank account. Regulators have recognized the token as the first yen stablecoin classified as a “Type III electronic payment instrument” under the country’s Payment Services Act. That classification places JPYSC under the same legal category Japan now uses for fully regulated fiat-backed stablecoins.
No 1 million Yen Cap and SBI-Only Access at Launch
Under Japan’s current rules, many electronic money products face a 1 million yen cap on both transaction size and user balances. SBI says JPYSC avoids those limits due to its trust-bank structure and its status as an electronic payment instrument. As a result, the stablecoin can support larger settlements and institutional-scale transfers from day one.
Right now, only customers with SBI VC Trade accounts can access JPYSC. The stablecoin initially resides within SBI’s ecosystem, and users cannot yet withdraw it to external wallets. Startale and SBI say technical work for public-chain circulation is complete, but they will wait for further legal and tax clarity before enabling on-chain transfers beyond their platform.
SBI and Startale have positioned JPYSC as infrastructure for institutional payments, tokenized real-world assets, and cross-border settlement rather than just a trading coin. The partners say the design “eliminates current restrictions on the amount of settlement that can be held or transferred” and enables larger corporate and financial use cases. Potential applications include FX liquidity pools, wholesale payments, and collateral for lending markets that need a regulated yen token.
SBI CEO Yoshitaka Kitao said the group “launched JPYSC, a trust-type yen-denominated stablecoin,” and he called the move a starting line in a race against “fierce global competitors.” Startale’s leadership has positioned the project as a link between Japan’s traditional financial system and public blockchains, focusing on interoperability across networks such as Ethereum once regulators approve it. As JPYSC expands beyond SBI VC Trade, market watchers will track whether a trust bank-backed model becomes the template for future yen stablecoins in Japan.
READ MORE: NVIDIA and Top Analysts Are Bullish on IREN Stock: Is It Still a Buy?
