SBI launched Japan’s first trust stablecoin JPYSC

SBI Group has launched JPYSC, Japan’s first trust stablecoin pegged to the yen, and the initial issuance has already taken place. The news matters for traders, institutional clients, and those following onchain settlement: the new asset operates through SBI Shinsei Trust Bank and a licensed exchange, and at launch it cannot be freely withdrawn to external wallets.

According to the company, JPYSC was created together with Singapore-based Startale Group. Issuance is handled by SBI Shinsei Trust Bank, while distribution is carried out by a licensed exchange. SBI also said that JPYSC became Japan’s first trust stablecoin without the 1 million yen limit on transactions and account balances.

Why is JPYSC important right now?

This is not just about a new token. Japan has long been preparing the groundwork for fiat stablecoins, and JPYSC is arriving on already prepared terrain: since June 1, 2023, such assets in the country have been defined as electronic payment instruments. That means the market is moving not in a gray area, but within a clear legal framework.

There is another nuance. At launch, JPYSC operates in a closed custodial environment, without withdrawals to external wallets. Technical preparation for circulation on public blockchains has already been completed, but a full launch depends on agreement on the legal and tax regime and approval from the regulator. That is why SBI has so far opened access only to users of the licensed exchange. By the way, in a similar market we have already seen how new stablecoin rules change the behavior of exchanges and banks when regulators start pushing for transparency.

Market reaction

In SBI’s statement, the focus was on practical use cases. The company sees JPYSC as infrastructure for settlements in Japanese yen on onchain markets, for currency trading, institutional lending, and payments for tokenized real-world assets, or RWA. For a major banking-and-crypto player, this is a logical step: the market is already used to dollar stablecoins, and now there is an instrument tied to the local currency.

“JPYSC became Japan’s first trust stablecoin to receive the status of an electronic payment instrument,” SBI said. The company also emphasized that the new asset is not subject to the 1 million yen limit that applies to some other stablecoins.

This is not a minor detail. For retail users, lower fees matter, and for large clients, the ability to execute large transactions without an artificial cap is important. That is why SBI also plans to launch lending backed by JPYSC in the near future. Against this backdrop, it is also worth recalling the earlier news about Ethereum and the internet moment, because onchain settlement often becomes the entry point for new financial products.

• JPYSC is pegged to the Japanese yen.

• The issuer is SBI Shinsei Trust Bank.

• Distribution is handled by a licensed exchange.

• At launch, access was opened only to users of that exchange.

• The token has no 1 million yen limit on transactions and balances.

• A lending service based on JPYSC is planned.

What does this mean for investors?

For long-term holders, this is a signal that the Japanese market is moving toward clearer rules for the digital yen. For traders, it is also a liquidity question. If JPYSC moves beyond the closed environment, it could become a convenient tool for fast transfers between exchanges, RWA settlements, and internal corporate payments.

But for now, the scale of the launch should not be overstated. JPYSC is not open to everyone, and its legal status is still being finalized. This matters against the backdrop of the broader market, where dollar stablecoins still dominate: according to data cited in the study, USDT has about $186.3 billion in market capitalization, while USDC is around $74.8 billion. In other words, JPYSC is not launching into an empty field, but it is also not entering an easy competitive environment.

There is also historical context. Other yen stablecoins have already appeared in Japan, but SBI’s trust model gives the project more weight for the banking sector. And one more point: on March 26, 2026, Startale closed a Series A round at $63 million, of which $50 million came from SBI Group and $13 million, according to the company, came from Sony Innovation Fund. This shows that JPYSC is not a one-off PR story for them, but part of a broader plan for tokenized assets and infrastructure.

Frequently asked questions

What is JPYSC in simple terms?

It is a stablecoin pegged to the Japanese yen. It is issued by SBI Shinsei Trust Bank and distributed by a licensed exchange. At launch, it operates in a closed mode, without free withdrawals to external wallets.

How is JPYSC different from other stablecoins?

The main difference is the trust model and its status as an electronic payment instrument in Japan. SBI also says that JPYSC has no 1 million yen limit on transactions and balances, which makes it more convenient for large payments.

When will JPYSC become more widely available?

There is no exact timeline in the announcement. The company says everything depends on the final agreement on the legal and tax regime and approval from the regulator. For now, only users of the licensed exchange have access.

For Ukrainian readers, the takeaway is simple: major banks in Asia are no longer just watching crypto, but are building their own blockchain-based payment instruments. If you need to quickly sell USDT TRC20 to Monobank, you can do it without extra steps and more conveniently for everyday payments.

This material is not financial advice. Cryptocurrency trading involves significant risks. Part of this text was prepared with the help of artificial intelligence based on public sources and reviewed by our editorial team.