SBI and Startale launch Japan's first trust stablecoin JPYSC: A new era for yen-denominated settlements
Financial group SBI Holdings, together with fintech company Startale Group, has officially launched JPYSC — Japan's first yen-denominated stablecoin issued under a trust model. Since June 24, the asset has become available to clients of the SBI VC Trade crypto platform, marking an important step in the development of Japan's digital asset market.
JPYSC is issued by SBI Shinsei Trust Bank and distributed by SBI VC Trade. Unlike traditional stablecoins issued under a money transfer model, the new instrument is not subject to the 1 million yen limit on storage and transfers. This makes it suitable not only for retail users but also for corporate settlements and large transactions, which is a key advantage amid growing demand for efficient payment solutions.
Ecosystem Approach and Future Plans
In the initial phase, JPYSC will be used exclusively within the SBI VC Trade infrastructure. Users will be able to store and transfer the stablecoin between platform accounts, but withdrawal to external wallets is not yet available. However, according to the developers, technical preparations for circulation on public blockchains have already been completed. A full launch is expected after the necessary legislative and tax rules are established, as well as regulatory approvals are obtained.
International Settlements and Yield
The developers view JPYSC as a foundation for cheaper and faster payments compared to traditional financial infrastructure. Special emphasis is placed on cross-border settlements through exchange into dollar stablecoins and other digital assets. Additionally, SBI VC Trade plans to launch a stablecoin lending service that will allow holders to earn yield on their assets. "The goal of JPYSC is to create a yen-denominated settlement and liquidity infrastructure for domestic and international financial markets on the blockchain," the press release states.
Stablecoin Market: Dollar Dominance
The launch of JPYSC comes amid rapid growth in the "stablecoin" segment, whose market capitalization exceeds $309 billion. The majority still consists of dollar-denominated assets: USDT from Tether ($186 billion) and USDC from Circle ($74 billion) account for over 85% of the total market supply. Stablecoins in other currencies still hold a negligible share. Yen-based coins account for ~0.15% of supply, with a total capitalization of about $44 million. JPYC dominates, with a figure slightly above $20 million. For comparison, the supply of euro-pegged stablecoins exceeds $725 million.
Analytical Commentary: The launch of JPYSC is a strategic move by SBI that could stimulate the growth of yen stablecoins in Japan, especially in the corporate sector. However, achieving a significant share in the global market will require not only regulatory clarity but also the creation of liquid pools for exchange into dollar assets. For now, yen stablecoins remain a niche product, but given the scale of the Japanese economy, the growth potential here is enormous. Development of JPYSC began in December 2025, and we are now seeing the first results of this ambitious initiative.