SBI Holdings launches Japan’s first trust bank-backed yen stablecoin
Japan has been watching the stablecoin race from the sidelines long enough. On February 27, 2026, SBI Holdings and Startale Group announced JPYSC, a yen-denominated stablecoin issued by SBI Shinsei Trust Bank, marking the first time a Japanese trust bank has backed a yen stablecoin. FSA approval was expected around June 23-24, 2026, putting a potential live launch essentially at the door.
Japan’s amended Payment Services Act created a new classification, the Type III Electronic Payment Instrument, and JPYSC is structured to fit squarely inside it.
What makes JPYSC different from what came before
Japan already had yen-pegged tokens. JPYC, the most prominent retail option, came with a hard cap of ¥1M on daily transactions. That limit made sense for consumer use cases and essentially made institutional adoption a non-starter.
JPYSC removes that ceiling entirely. The trust-bank structure means token holders hold statutory claims against segregated reserves, a legal protection that retail-focused tokens simply cannot offer.
SBI VC Trade handles distribution, while Startale Group, the blockchain outfit co-founded by Sota Watanabe, manages technical development. Watanabe has specifically pointed to onchain payments for AI agents and tokenized assets as core use cases.
SBI Holdings Chairman Yoshitaka Kitao has framed this as responding to an irreversible trend toward token economies. SBI Shinsei Trust Bank, a regulated depository institution, is the actual issuer, which changes the counterparty risk calculus considerably.
Japan’s broader stablecoin strategy and what it means for markets
Japan enacted stablecoin legislation in 2022, giving the country a four-year head start on regulatory clarity compared to most Western jurisdictions. JPYSC is the first major product to fully leverage that framework at the institutional tier.
Cross-border settlements between Japanese exporters and their Asian counterparties typically run through correspondent banking networks that add time, cost, and intermediaries. JPYSC is explicitly designed to address that friction.
For investors tracking the tokenized real-world assets space, the trust structure of JPYSC matters beyond just yen settlements. Tokenized Japanese government bonds, real estate, and corporate debt all require a stable onchain unit of account denominated in yen to settle cleanly.
Mitsubishi UFJ Financial Group has run its own Progmat Coin initiative, and other Japanese megabanks have explored similar territory. SBI moving first with a trust bank-backed product under the amended Payment Services Act raises the stakes for competitors.
FSA approval projected for late June 2026 is expected based on Nikkei reporting, not a confirmed announcement. The regulatory architecture was specifically designed to accommodate exactly this product type, which reduces the approval risk compared to jurisdictions where stablecoin issuers are navigating legal ambiguity in real time.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
After the US stock market plummeted, "Wood Sister" Cathie Wood said: The more the market worries, the more optimistic I become, the bull market is not over
As the Nasdaq falls into a correction zone, Cathie Wood ("Sister Wood") stated that the prevailing market anxiety actually makes her more confident in the continuation of the bull market. She attributes this correction to pressures in the bond market and controversies over AI capital expenditures, but emphasizes that the technological revolution is still ongoing. She also revealed that ARK has used the opportunity to increase its holdings in high-conviction positions such as SpaceX, and expects the stock market to perform well through 2027.
After the "Black Week" for tech stocks, Wall Street calls for "bottom fishing"
Morgan Stanley has made it clear that "the next two to three weeks are the time to increase positions." Ed Yardeni characterizes the current downturn as a "correction" rather than the bursting of a bubble. Major Wall Street institutions have an average year-end target for the S&P 500 of 7,973 points. However, most strategists believe that the direction of AI policy remains the largest variable.
CoreWeave writes to Texas governor-elect seeking "data center consultation"
In this open letter, Michael Intrator stated that CoreWeave "strongly supports" Hinojosa's principled position that the growth of data centers must benefit the people of Texas. "We welcome the opportunity to work with your transition team to responsibly advance approved projects and to establish clear and lasting standards for future developments," he said.
Crypto prices
More
