SBI Group has launched JPYSC, Japan's first trust bank-backed yen stablecoin, in partnership with Singapore-based Startale Group.
Japanese financial conglomerate SBI Group launched its trust-based stablecoin JPYSC on June 24 in partnership with Singapore-based fintech company Startale Group. SBI processed the token's first issuance on the same day, according to a press release.
SBI Shinsei Trust Bank manages the issuance of JPYSC, while SBI VC Trade, a licensed crypto exchange, handles its distribution. The companies said JPYSC is Japan's first trust-based stablecoin structure in which reserve assets are managed by a trust bank.
Unlike previously launched fund-transfer-type stablecoins, JPYSC is not subject to the 1 million yen ($6,184) transaction and balance limits that apply to those instruments. SBI said it expects the token to attract retail and corporate users through lower transaction costs and support for block trades.
"First of Its Kind" Classification
SBI said JPYSC is Japan's first trust bank-backed yen stablecoin. It is also the first stablecoin of its kind to be classified as an electronic payment instrument under the country's Payment Services Act.
"JPYSC aims to establish a yen-denominated settlement and liquidity infrastructure for domestic and international on-chain financial markets," SBI said in the release. The company added that JPYSC could serve as a yen-denominated base asset for on-chain foreign exchange markets, institutional lending, and settlement of tokenized real-world assets.
For now, JPYSC will only be available through SBI VC Trade accounts. SBI said the limit will remain in place until the regulatory and tax treatment of the stablecoin is clarified. The exchange also plans to launch a JPYSC lending service in the near future.
Related Article: What Is a Stablecoin and How Does It Work?
Japan's Wider Stablecoin Push
Japan has spent recent years working to bring regulated stablecoins into its mainstream financial system. In October 2025, Japanese authorities approved fintech firm JPYC's stablecoin of the same name as the country's first legally recognized yen-backed stablecoin.
Japan's three largest banks, MUFG, SMBC, and Mizuho, are also working on a joint stablecoin project. Earlier in June 2026, the banks announced plans to begin live commercial transactions of that stablecoin during the 2026 fiscal year.
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