SBI Group Began Issuing Japan’s First Yen-Denominated Trust Stablecoin

Japanese financial conglomerate SBI Group announced the launch of JPYSC, a yen-denominated stablecoin issued under a trust structure. SBI Shinsei Trust Bank serves as the issuer, while SBI VC Trade, a licensed crypto asset exchange and electronic payment instruments operator, is responsible for distribution.

Singapore-based FinTech company Startale Group acts as the project’s technology partner. The company oversees development, blockchain infrastructure, ecosystem expansion, and preparations for bringing JPYSC to public blockchain networks. SBI Shinsei Bank supports the initiative as the parent company of the trust bank.

At launch, JPYSC is available only on the SBI VC Trade platform, and transfers to external wallets aren’t yet supported. However, the companies said technical and operational preparations for circulation on public blockchain networks have already been completed. The transition is planned after outstanding legal and tax issues are resolved and the required regulatory approvals are obtained.

Once JPYSC becomes available on public blockchain networks, the companies expect it to support:

• on-chain foreign exchange settlements, including swaps with U.S. dollar stablecoins;
• yen-denominated lending and borrowing for institutional investors;
• settlements involving tokenized assets, including equities, bonds, real estate, and fund interests;
• internal payments, merchant settlements, and intercompany transfers;
• cross-border payments with lower costs and greater transparency;
• large over-the-counter transactions, and liquidity provision for professional market participants.

SBI VC Trade also plans to launch a JPYSC lending service in the near future, allowing stablecoin holders to earn yield on their digital assets. Additional details about the service will be disclosed later.

SBI representatives said building a payment instrument compatible with on-chain finance is one of the company’s key priorities as financial services continue moving onto blockchain infrastructure. Startale Group described the yen stablecoin as a strategically important initiative for Japan, saying the development of regulated digital payment infrastructure could strengthen the country’s position in Asian and global financial markets.

Earlier this year, the Japanese government recognized crypto assets as financial instruments and approved new requirements for foreign stablecoins and electronic payment instruments operators.