SBI Group has launched JPYSC with Singapore-based fintech firm Startale Group, and said the first issuance was completed on June 24. The stablecoin is issued and custodied by SBI Shinsei Trust Bank, while crypto exchange SBI VC Trade will serve as the main distribution venue. Startale led the technical development and blockchain infrastructure integration.
Trust bank structure defines the first rollout
According to SBI, JPYSC is Japan’s first yen stablecoin backed by a trust bank. It is also the first product of its kind to be classified as an electronic payment instrument under the country’s Payment Services Act. For now, its use is restricted to accounts on SBI VC Trade, as regulatory rules and tax treatment have not yet been fully clarified.
SBI VC Trade also said it plans to introduce a dedicated JPYSC lending service in the near term. That places the token’s initial activity inside the exchange environment, with lending added alongside settlement and account-based transfers.
SBI targets FX, institutional lending, and tokenized asset settlement
SBI said JPYSC is designed to support lower transaction costs and large-volume transfers, with both retail and corporate users in view. The group added that the stablecoin could function as a yen-denominated base asset for onchain foreign exchange markets, institutional lending, and settlement in RWA tokenization use cases.
Japan has been moving regulated stablecoins closer to mainstream finance. In October last year, regulators approved fintech company JPYC to issue its namesake stablecoin, making it the first legally recognized yen stablecoin in the country. Separately, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank are working on a joint stablecoin project that is expected to enter commercial operation in fiscal 2026.