SBI Launches JPYSC — Japan's First Yen Stablecoin (Trust-Bank Model)
Summary
On June 24, 2026, SBI Holdings with fintech partner Startale Group launched JPYSC — Japan's first yen stablecoin issued under a trust-bank model — processed via SBI Shinsei Trust Bank and distributed through SBI VC Trade. It is the first yen stablecoin recognized as an electronic payment instrument under Japan's Payment Services Act via a trust structure, removing the 1-million-yen per-transaction cap that constrains fund-transfer-licensed yen stablecoins.
Key Facts
- Trust-bank model: token holders hold beneficial interests in the trust; reserves (JPY deposits + Japanese Government Bonds) segregated at SBI Shinsei Trust Bank under the Trust Act.
- 2025 regulatory update allows up to 50% of reserves in short-term government bonds; strict 1:1 peg maintained.
- No 1M¥ transaction/balance cap (unlike JPYC's Type 2 money-transfer license) → opens corporate fund settlement, block trades, treasury use.
- Startale (Series A: $50M from SBI + $13M from Sony) leads technical architecture; also operates Astar Network and co-develops Sony's Soneium L2.
- SBI plans on-chain FX markets, institutional lending, RWA tokenization, and a JPYSC lending service.
- Japan's three megabanks (MUFG, SMBC, Mizuho) jointly pursuing a Progmat-based stablecoin, targeting interbank real transactions by March 31, 2027.
- Japan was first G7 nation with a comprehensive stablecoin legal framework (2022); enforcement rules completed June 13, 2026.
Why It Matters
Japan's institutional-grade digital yen goes live under the most credible regulatory structure yet seen for a non-USD stablecoin — positioning the yen as a regulated competitor in a market dominated by dollar tokens, and explicitly targeting AI-agent payments and tokenized-asset distribution.