SBI Holdings is preparing to launch a regulated yen-linked stablecoin called JPYSC, placing one of Japan’s largest financial groups at the center of the country’s expanding digital payment and stablecoin market.
The token is expected to be issued and redeemed through SBI Shinsei Trust & Banking, while SBI VC Trade is expected to handle distribution once regulatory clearance is completed. The launch is targeted for the final days of the second quarter of 2026, according to reports on the project timeline.
JPYSC is designed as a trust-based yen stablecoin under Japan’s digital payment rules. The project has drawn attention because it would operate through a regulated domestic framework rather than an offshore stablecoin model.
JPYSC Uses Japan’s Trust-Based Stablecoin Framework
JPYSC is classified as a Type 3 Electronic Payment Instrument under Japan’s Payment Services Act. That structure gives the stablecoin a formal regulatory basis and links issuance to a trust-bank model, with SBI Shinsei Trust & Banking serving as the key issuing and redemption entity.
One feature of the structure is that it may allow larger remittances without the domestic 1 million yen transfer cap that applies to some lower-tier payment instruments. That limit, equal to about $6,500 at recent exchange rates, can restrict business use cases involving larger corporate or institutional transfers.
SBI Holdings has been developing the stablecoin project with Startale Group. The two companies signed a memorandum of understanding in December 2025, with Startale working on smart contracts, APIs and compliance-focused technical infrastructure for JPYSC.
The stablecoin is expected to support global settlements, tokenized asset transactions and corporate payment flows. Those use cases fit Japan’s broader effort to bring regulated digital assets into payment and financial market infrastructure.
SBI Builds Stablecoin Plans With Startale and Ripple Links
SBI Holdings has long been active in blockchain and digital asset businesses. The group operates SBI VC Trade and has worked with Ripple through SBI Ripple Asia on XRP Ledger-related initiatives.
Reports also point to SBI’s wider stablecoin and remittance plans. SBI Remit recently partnered with Fasset to use stablecoin-based remittance services, a move that may support cross-border payment infrastructure if JPYSC gains approval and distribution.
SBI has also partnered with Circle to expand USDC distribution in Japan, while its collaboration with Chainlink covers real-world asset tokenization, proof-of-reserve systems, regulated stablecoins, and cross-chain financial infrastructure.
JPYSC will enter a market where JPYC already holds first-mover status after launching in 2025. SBI’s advantage may come from its banking, trust, and securities network, which could support institutional integration if liquidity and adoption grow.
Japan Crypto Rules Support Stablecoins and Tokenization
The launch comes as Japan updates its crypto and stablecoin framework. The country has moved to regulate digital assets more like financial products under the Financial Instruments and Exchange Act, a shift intended to create clearer rules for investment products, market conduct, and institutional participation.
Japan is also preparing tax reforms that could reduce crypto gains taxation from a maximum rate near 55% to a flat 20% structure. The change would align crypto taxation more closely with other financial assets, depending on final implementation.
Stablecoin development is also advancing among Japan’s largest banks. MUFG, SMBC and Mizuho are developing a joint stablecoin initiative, while other banks are testing insured or interest-linked stablecoin models under Japan’s evolving regulatory approach.
Concurrently, the institutional interest has also increased. Recent reports said Japanese pension funds have started reviewing small crypto allocations, including a planned 1% crypto exposure by the National Business Corporate Pension Fund from fiscal 2026.
