JPYSC stablecoin launched inside SBI VC Trade accounts as SBI Group, Startale began a rollout of Japan’s first trust-type yen stablecoin.
Japan’s yen stablecoin push is starting in a closed setting first, with SBI and Startale framing JPYSC as a bridge toward public on-chain payments, blockchain FX and tokenized settlement once legal and tax treatment is cleared.
SBI Group and Startale Group said in a press release they issued JPYSC, with SBI Shinsei Trust Bank, a trust bank in SBI Group, as the issuer and SBI VC Trade, a crypto exchange, handling distribution.
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According to the press release, JPYSC has been made in the format of a trust type stablecoin, which implies that there is no limit on its holding and transfer amount of 1 million yen.
Currently, JPYSC can only be used and held in the accounts provided by SBI VC Trade.
Public Blockchain Move Still Pending
The companies said they plan to move JPYSC onto public blockchains in Japan and overseas once legal and tax issues are clarified and regulators confirm the setup, though they haven’t named which network it will use.
SBI added that JPYSC was designed to be used as an infrastructure for on-chain finance involving Japanese yen as a medium, with potential applications like foreign currency exchanges, institutional lending, tokenized asset settlement, and cross-border transactions.
SBI VC Trade would launch its lending program using JPYSC shortly, details about which would follow.
Yoshitaka Kitao, president of SBI Holdings, said on-chain finance needs a payment method that can work directly on blockchain rails, adding that SBI will work closely with regulators to resolve remaining legal issues around public blockchain circulation.
Read more: Japan’s Top Three Banks Target 2027 Stablecoin Debut
