SBI Holdings, in collaboration with fintech company Startale Group, announced the launch of JPYSC, Japan’s first yen-denominated “stablecoin” created using a trust model.
As of June 24, the asset is available to clients of the SBI VC Trade crypto platform.
The issuer of JPYSC is SBI Shinsei Trust Bank, with SBI VC Trade handling distribution. Unlike stablecoins issued under the money transfer model, this new instrument is not subject to the 1 million yen limit on storage and transfers. According to the developers, this makes it suitable not only for retail users but also for corporate settlements and large transactions.
Currently Limited to SBI Ecosystem
Initially, JPYSC will be used exclusively within the SBI VC Trade infrastructure. Users can store and transfer the stablecoin between platform accounts, but withdrawals to external wallets are not yet available.
The company stated that technical preparations for JPYSC’s use on public blockchains are complete. A full launch is expected once the necessary legal and tax frameworks are established and regulatory approvals are obtained.
Focus on International Transactions
Developers believe that JPYSC could provide a foundation for cheaper and faster payments compared to traditional financial infrastructure. SBI also anticipates the stablecoin will be used in cross-border transactions through exchanges for dollar-based stablecoins and other digital assets.
“The goal of JPYSC is to create a yen-based settlement and liquidity infrastructure for domestic and international financial markets on the blockchain,” the press release states.
Additionally, SBI VC Trade plans to launch a lending service in the stablecoin, allowing holders to earn returns on their assets.
Stablecoin Market Remains Dollar-Dominated
The launch of JPYSC comes amid rapid growth in the stablecoin segment, with a market capitalization exceeding $309 billion.
Source: CoinGecko.
The majority is still in dollar assets: USDT by Tether ($186 billion) and USDC by Circle ($74 billion) account for over 85% of the total market supply.
Stablecoins in other currencies currently hold a minor share. Yen-based coins make up about 0.15% of the supply with a total market capitalization of around $44 million. JPYC dominates with just over $20 million. In comparison, euro-pegged stablecoins exceed $725 million in supply.
Previously, SBI and Startale began developing JPYSC in December 2025.
