SBI Holdings said its yen-backed stablecoin JPYSC is scheduled to go live by late Q2 2026. Under the current plan, issuance and redemption will be managed by SBI Shinsei Trust & Banking, while distribution will be carried out through SBI VC Trade, the group’s crypto asset trading platform, subject to regulatory approval.
Trust-bank structure sits at the core of issuance
JPYSC is being built as a trust-based yen stablecoin under Japan’s domestic regulatory framework rather than following offshore models commonly seen in other markets. The project description places the token inside a regulated local infrastructure, with issuance, custody, and redemption tied to a trust bank model. That structure is a central part of how SBI is positioning the product.
Legally, JPYSC is classified as a Type 3 Electronic Payment Instrument under Japan’s Payment Services Act. This gives the token a defined regulatory status and links its issuance directly to the trust banking system, putting SBI Shinsei Trust & Banking at the center of operations. One practical feature of the model is that it can process transactions above the local transfer cap of 1 million yen, or about $6,500 as cited in the source, a limit that has constrained larger corporate transfers using lower-tier payment tools.
Startale handles technical build as SBI maps out use cases
SBI Holdings is developing the project with Startale Group after the two sides signed a memorandum of understanding in December 2025. Startale is responsible for smart contracts, API infrastructure, and compliance-oriented systems. SBI says JPYSC is intended for global settlements, tokenized asset transfers, and corporate payment flows, matching Japan’s push to bring regulated digital assets into payment rails and financial market infrastructure.
The group already has a long record in blockchain and digital assets. Alongside SBI VC Trade, SBI has taken part in XRP Ledger initiatives through SBI Ripple Asia. SBI Remit has also worked with Fasset on stablecoin-based remittance services. Separately, SBI is expanding USDC distribution in Japan through a partnership with Circle, while its work with Chainlink covers real-world asset tokenization, proof-of-reserve systems, regulated stablecoins, and cross-chain finance infrastructure.
Competition builds as Japan revises crypto rules
JPYSC will enter a market where JPYC, launched in 2025, already holds a first-mover position. The source notes that SBI’s network across banking, trust services, and securities could help institutional adoption and liquidity if demand picks up.
The launch preparations also arrive as Japan revises rules for crypto assets and stablecoins. Authorities are moving to place digital assets under the Financial Instruments and Exchange Act to set clearer standards for investment products, market conduct, and institutional participation. Tax policy is also under review: crypto gains in Japan are currently taxed at rates that can reach about 55%, and proposals under discussion would lower that to a flat 20%, depending on final implementation. At the same time, major banks including MUFG, SMBC, and Mizuho are jointly building a new stablecoin solution, while some lenders are testing insured or yield-linked designs. The article also says Japanese pension funds are weighing limited exposure to crypto assets, with the National Business World Corporate Pension Fund planning up to 1% allocation from fiscal 2026.