SBI officially launches Japan’s first trust bank-backed yen stablecoin JPYSC.
3 hours ago
Japanese financial group SBI Holdings has announced the official launch of the yen stablecoin JPYSC, with its first issuance completed on June 24. The stablecoin’s reserve asset management is handled by SBI Shinsei Trust Bank, while licensed cryptocurrency trading platform SBI VC Trade is responsible for its circulation and distribution. SBI noted that JPYSC is Japan’s first yen stablecoin with reserve assets managed by a trust bank, as well as the country’s first "electronic payment equivalent product" recognized under the Payment Services Act. Unlike Japan’s previously launched money transfer-type stablecoins, JPYSC is not subject to the 1 million yen cap on individual transactions or account balances. The firm expects JPYSC to attract both retail and institutional users via lower transaction costs and support for large-value transactions, serving as a yen base asset for on-chain foreign exchange markets, institutional lending, and settlements for RWA (real world asset) tokenization. Currently, JPYSC is only accessible to holders of SBI VC Trade accounts; its usage scope will be expanded after regulatory and tax frameworks are further clarified. SBI also plans to launch JPYSC lending services. In recent years, Japan has been pushing to integrate compliant stablecoins into the mainstream financial system. Following JPYC’s approval as Japan’s first legally recognized yen stablecoin in 2025, the country’s three major banks—MUFG Bank, Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Bank—are jointly advancing a stablecoin project, with plans to launch commercial transactions in fiscal 2026.
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