SBI and Startale launch Japan's first trust-based stablecoin JPYSC — a breakthrough for corporate settlements
Financial giant SBI Holdings, in partnership with fintech startup Startale Group, has officially launched JPYSC — Japan's first yen-denominated stablecoin created under the trust model. Since June 24, the asset has been available to clients of the SBI VC Trade crypto platform, marking a significant step in integrating digital currencies into the country's traditional financial system.
The issuer of JPYSC is SBI Shinsei Trust Bank, with distribution handled by SBI VC Trade. The key advantage of the new instrument is the absence of the 1 million yen limit on storage and transfers, which is typical for stablecoins issued under the money transfer model. This makes JPYSC suitable not only for retail users but also for corporate settlements and large transactions, which is critical for scaling.
SBI Ecosystem as the First Platform
At the initial stage, JPYSC will circulate exclusively within the SBI VC Trade infrastructure. Users will be able to store and transfer the stablecoin between platform accounts, but withdrawals to external wallets are currently blocked. Technical preparations for circulation on public blockchains have been completed, but a full launch is postponed until clear legislative and tax regulations are established and regulatory approvals are obtained.
International Settlements and Yield
The 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. Additionally, SBI VC Trade has announced the launch of a stablecoin lending service, allowing holders to earn yield on their assets, stimulating demand.
"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 statement emphasizes.
Dollar Dominance and the Yen Niche
The launch comes amid rapid growth in the stablecoin market, whose capitalization exceeds $309 billion. The bulk still comes from dollar-denominated assets: USDT from Tether ($186 billion) and USDC from Circle ($74 billion) account for over 85% of the total supply. Stablecoins in other currencies still hold a negligible share. Yen-based coins make up about 0.15% of the supply with a total capitalization of around $44 million, dominated by JPYC with just over $20 million. For comparison, euro-pegged stablecoins already exceed $725 million.
Analytical commentary. The launch of JPYSC is not just a local experiment but a strategic step by Japan to create its own digital currency infrastructure capable of reducing dependence on dollar stablecoins. However, to truly compete with USDT and USDC, not only regulatory clarity but also mass adoption in international settlements will be required. For now, it is a targeted but important precedent for the Asian market.