SBI Holdings and Startale launch the Japanese yen stablecoin JPYSC, scheduled to go live in the second quarter

According to Odaily, Japanese financial group SBI Holdings and Startale Group have announced the launch of the yen stablecoin JPYSC, targeting institutional and cross-border payment scenarios. The stablecoin will be issued and trust-managed by SBI Shinsei Trust Bank, in compliance with Japan's digital asset regulatory framework. SBI's trading platform, SBI VC Trade, will serve as the main distribution channel, while Startale is responsible for technical development.

The two parties stated that the trust bank support model helps enhance governance and compliance assurance, promotes the application of the yen in the digital financial system, and provides a compliant alternative to the current market dominated by USD stablecoins. The project is expected to go live in the second quarter of this year after obtaining regulatory approval.

In recent years, Japan has continued to advance the construction of stablecoin regulations. The 2022 revision of the Payment Services Act defined fiat-pegged stablecoins as "electronic payment instruments." In October last year, Japan approved JPYC to issue a yen stablecoin. The three major banks, MUFG, SMBC, and Mizuho, have also launched stablecoin and tokenized deposit pilots.