JPYSC, backed by SBI Shinsei Trust Bank, removes the ¥1M daily cap on yen stablecoins, targeting cross-border settlements and tokenized assets. FSA approval expected June 23-24.
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On February 27, 2026, SBI Holdings and Startale Group announced JPYSC, a yen stablecoin issued by SBI Shinsei Trust Bank. FSA approval is expected around June 23-24, according to Nikkei reporting. If approved, it would be the first yen stablecoin backed by a Japanese trust bank.
Japan already has yen-pegged tokens. JPYC, the most prominent retail option, carries a hard cap of ¥1 million on daily transactions. That limit made sense for consumer payments but blocked institutional adoption. JPYSC removes that ceiling. The trust-bank structure means token holders hold statutory claims against segregated reserves, a legal protection retail-focused tokens cannot offer.
Japan's amended Payment Services Act created a new classification, the Type III Electronic Payment Instrument. JPYSC is structured to fit that category. The 2022 legislation gave Japan a four-year head start on stablecoin rules compared to most Western jurisdictions. JPYSC is the first major product to fully use that framework at the institutional tier.
SBI VC Trade handles distribution. Startale Group, co-founded by Sota Watanabe, manages technical development. Watanabe has pointed to onchain payments for AI agents and tokenized assets as core use cases. SBI Holdings Chairman Yoshitaka Kitao framed this as responding to an irreversible trend toward token economies. Cross-border settlements between Japanese exporters and Asian counterparties typically run through correspondent banking networks that add time and cost. JPYSC is designed to address that friction.
For investors tracking tokenized real-world assets, the trust structure matters beyond yen settlements. Tokenized Japanese government bonds and real estate require a stable onchain unit of account denominated in yen to settle cleanly. JPYSC provides that.
Mitsubishi UFJ Financial Group has run its own Progmat Coin initiative. Other Japanese megabanks have explored similar territory. SBI moving first with a trust bank-backed product under the amended Payment Services Act raises the stakes for competitors.
FSA approval is expected based on Nikkei reporting, not a confirmed announcement. The regulatory architecture was designed to accommodate exactly this product type, which reduces approval risk compared to jurisdictions where stablecoin issuers navigate legal ambiguity in real time. The projected late June timeline puts a live launch potentially within weeks.
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