SBI Launches Yen-Based Stablecoin JPYSC
2026-06-26
Japan officially entered the stablecoin era with the launch of JPYSC on June 24, 2026, the world's first yen-based digital token with a trust bank structure.
Managed by a consortium of SBI Group and Startale Group, JPYSC is a Type III electronic payment instrument with a transaction limit of 1 million yen.
With reserves of up to 50% Japanese Government Bonds, this token offers superior returns to its holders.
This move makes Japan a stablecoin pioneer in East Asia, opening up opportunities for Indonesia and ASEAN to adopt a similar model.
Key Points
JPYSC is Japan's first bank-backed yen stablecoin, with no transaction limit of 1 million yen.
Supported by SBI Group and Startale Group, with reserves of up to 50% Japanese Government Bonds.
Target expansion to public blockchain after final tax regulations, for institutional payments and RWA.
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Historic Stablecoin Launch in Japan
Japan officially entered the stablecoin era with the launch of JPYSC on June 24, 2026. This yen-based digital token is claimed to be the world's first with a trust bank structure.
The launch was carried out by a consortium of SBI Group and Startale Group, with SBI Shinsei Trust Bank as the issuer and SBI VC Trade as the initial distributor.
This move makes Japan a stablecoin pioneer in the East Asia region.
No Transaction Limits
JPYSC exists as a Type III electronic payment instrument under the amended Japanese Payment Services Act.
Unlike competing yen stablecoins like JPYC, JPYSC is not bound by a 1 million yen daily transaction limit.
This opens up opportunities for large-scale corporate transfers, cross-border payments, and settlement of tokenized real-world assets (RWAs).
SBI said transfer fees would also be "significantly lower" than conventional payment methods.
Favorable Reserve Structure
What makes JPYSC attractive is its trust-based reserve structure. The underlying funds are held in segregated accounts and can comprise up to 50% of Japanese Government Bonds (JGBs).
This provides a yield advantage that conventional prepaid models like JPYC don't have.
Token holders are entitled to beneficiary rights in the trust, meaning their holdings are legally separate from the issuer's balance sheet, a rare protection in the stablecoin market.
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Impressive Development Speed
This launch is the result of swift work by SBI and Startale. The memorandum of understanding was signed in December 2025, and just six months later, the token officially launched.
Startale closed a $63 million Series A funding round in March 2026, with SBI leading the $50 million investment and Sony contributing $13 million.
These funds will be used to develop Strium L1, an institutional blockchain that will become JPYSC's primary settlement layer.
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Expansion Plans to Public Blockchain
Currently, JPYSC is only available to SBI VC Trade account holders and cannot be withdrawn to external wallets.
The consortium targets expansion to public blockchains as soon as tax regulations and legal frameworks are finalized.
Once realized, JPYSC has the potential to become a yen liquidity bridge in the global crypto ecosystem.
Exchanges with US dollar stablecoins and other digital instruments will enable more efficient cross-currency trading in Asia and globally.
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Future Vision from Project Leader
SBI Chairman Yoshitaka Kitao called the project a step to accelerate "digital financial services that are fully integrated with traditional finance."
Startale CEO Sota Watanabe emphasized JPYSC's potential for AI agent-based payment infrastructure and tokenized assets.
This vision goes beyond just a simple stablecoin, targeting the broader digital financial ecosystem.
Indonesia and other Southeast Asian countries can learn from Japan's approach to integrating stablecoins with traditional banking systems.
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Conclusion: Competition in the Japanese Stablecoin Market
Japan has passed comprehensive stablecoin legislation in 2022, becoming the first G7 country to do so.
Now, competition is starting to heat up in the domestic market.
A consortium of three major Japanese banks—MUFG, Mizuho, and SMBC—is also building a yen stablecoin through the Progmat platform with a target launch date of March 2027.
SBI has an early lead, but the real battle will only begin when regulations are fully developed and mass adoption begins.
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FAQ
What is JPYSC?
JPYSC is a yen-based stablecoin issued by SBI Shinsei Trust Bank, managed by SBI Group, and is the first in Japan with a trust bank structure.
How is JPYSC different from other yen stablecoins?
JPYSC is free from transaction limits and daily balances of 1 million yen, unlike JPYC which is still bound by these restrictions.
What is the reserve structure of JPYSC?
Reserves are held in separate accounts and can include up to 50% Japanese Government Bonds (JGBs), providing a yield advantage.
Who developed JPYSC?
A consortium of SBI Group and Startale Group, with SBI Shinsei Trust Bank as the issuer and SBI VC Trade as the distributor.
When will JPYSC be available to the public?
Currently available only for SBI VC Trade account holders. Expansion to public blockchains awaits clarity on tax regulations and the legal framework.
What are the uses of JPYSC?
Large corporate transfers, cross-border payments, RWA settlements, corporate cash management, and dividend distribution on the blockchain.
How much funding does Startale have for this project?
Startale closed a $63 million Series A funding round in March 2026, with SBI contributing $50 million and Sony contributing $13 million.
Are there any competitors to JPYSC in Japan?
Yes, the consortium of MUFG, Mizuho, and SMBC is building a yen stablecoin through Progmat with a target date of March 2027.
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