SBI Group launches Japan first trust-based yen stablecoin
Japanese financial conglomerate SBI Group, together with Singapore-based fintech company Startale Group, has launched JPYSC, a stablecoin pegged to the yen. The asset is issued by SBI Shinsei Trust Bank, while its distribution is handled by licensed crypto exchange SBI VC Trade.
SBI said JPYSC is Japan’s first stablecoin based on a trust structure, where reserve assets are managed by a trust bank. The company stressed that unlike fund-transfer-type stablecoins, JPYSC is not subject to the 1 million yen transaction and balance limits, The Block reported.
Potential clients
SBI expects the new asset to attract both retail and corporate users. The company points to lower transaction costs and support for large transactions among its key advantages.
In addition, JPYSC could become a yen-denominated base asset for Forex markets, institutional lending and settlement of tokenized real-world assets.
For now, access to JPYSC will be limited to SBI VC Trade accounts. This is because the regulatory and tax treatment of the new stablecoin still needs to be clarified. The exchange also plans to launch a JPYSC lending service in the near future.
SBI describes JPYSC as Japan’s first yen stablecoin backed by a trust bank. It also became the first asset of this type to be classified as an electronic payment instrument under the Payment Services Act.
The company said JPYSC should help build yen-denominated settlement and liquidity infrastructure for domestic and international onchain financial markets.
New stablecoins enter the market
Stablecoins are increasingly moving beyond the familiar crypto market. They are now being launched or prepared by major financial groups, banks and fintech companies. Recent examples include Ripple’s RLUSD, bank-led settlement projects and corporate solutions for tokenized assets.
The Japanese market is especially telling. In 2025, the country’s authorities approved JPYC, the first legally recognized yen-backed stablecoin. At the same time, Japan’s three largest banks — MUFG, SMBC and Mizuho — are working on a joint stablecoin project and plan to begin commercial operations in fiscal year 2026.
As a reminder, SBI Holdings and Startale Group announced JPYSC earlier this year.
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