The first yen-pegged trust stablecoin: Japanese financial giant SBI launches JPYSC
Financial group SBI Holdings, together with fintech company Startale Group, has introduced JPYSC to the market — Japan's first yen-denominated stablecoin issued under a trust model. Since June 24, the asset has been available to clients of the SBI VC Trade crypto platform.
The issuer of JPYSC is SBI Shinsei Trust Bank, while distribution is handled by SBI VC Trade. The key advantage of this instrument is that it is not subject to the 1 million yen limit on storage and transfers, which is typical for stablecoins issued under the money transfer model. This opens access not only for retail users but also for corporate settlements and large transactions.
Ecosystem Launch and Scaling Prospects
At the initial stage, 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. The company stated that technical preparation for JPYSC circulation on public blockchains has already been completed. Full launch is expected after the formation of necessary legislative and tax rules, as well as obtaining approvals from regulators.
International Settlements and Yield
Developers see JPYSC as a foundation for cheaper and faster payments compared to traditional financial infrastructure. Special emphasis is placed on cross-border settlements — through exchange for dollar stablecoins and other digital assets. "The goal of JPYSC is to create a settlement and liquidity infrastructure in yen for domestic and international financial markets on the blockchain," the official press release notes. Additionally, SBI VC Trade plans to launch a stablecoin lending service that will allow holders to earn yield on their assets.
Stablecoin Market: Dollar Dominance
The launch of JPYSC comes amid rapid growth in the "stablecoin" segment, whose capitalization exceeds $309 billion. The majority still comes from 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 over $20 million. For comparison, the supply of euro-pegged stablecoins exceeds $725 million.
As a reminder, the development of JPYSC began back in December 2025.
Expert Commentary: The launch of JPYSC is an important step for the Japanese crypto market, which has long remained in the shadow of dollar stablecoins. The trust model removes key restrictions for institutional players, but for now, the asset is locked within the SBI ecosystem, limiting its liquidity. A real breakthrough will only occur after it enters public blockchains and receives regulatory approvals. However, if Japanese regulators give the green light, JPYSC could become a serious competitor to JPYC and a driver of growth for the yen stablecoin segment, which currently stands at just $44 million — a drop in the ocean compared to the $309 billion total market.