SBI and Startale Launch Japan's First Trust-Based Yen Stablecoin JPYSC

On June 24, SBI Group and Startale Group launched JPYSC, Japan's first trust-based yen stablecoin. Issued by SBI Shinsei Trust Bank, JPYSC holds its reserves in a trust structure rather than directly on the issuer's balance sheet. That structure allowed it to qualify as an electronic payment method under Japan's Payment Services Act, the companies said.

JPYSC carries no limits on transaction sizes or account balances. SBI positioned it for large institutional transfers and corporate payments, including tokenized asset settlements. Chairman Yoshitaka Kitao called the launch a necessary step as financial markets move on-chain.

"The transition of financial functions to on-chain is irreversible, creating payment methods that can be used on-chain is a challenge that must be addressed as quickly as possible."

Yoshitaka Kitao, chairman of SBI Holdings.

Startale CEO Sota Watanabe said the goal is for JPYSC to serve as the settlement layer for Japan's tokenization market.

"On-chain finance is a global trend, and we recognize it as an extremely important strategic area for Japan."

Sota Watanabe, CEO of Startale Group.

At launch, JPYSC can be used only within SBI VC Trade accounts. External wallet transfers are not yet live. Watanabe said the technical infrastructure for public blockchain transfers is complete. The remaining hurdles involve taxation rules and regulatory approvals.

With the United States advancing stablecoin legislation and institutions exploring tokenized assets, Japan's push to keep the yen relevant in digital finance is accelerating. JPYSC is SBI's answer to that race.