SBI Holdings is preparing to launch JPYSC, Japan’s first trust-based yen-linked stablecoin, after receiving regulatory clearance from the Financial Services Agency (FSA). The token is expected to be issued and redeemed through SBI Shinsei Trust & Banking, while SBI VC Trade will handle distribution. The launch is targeted for the final days of the second quarter of 2026.
JPYSC is designed under Japan’s Payment Services Act as a Type 3 Electronic Payment Instrument, giving it a formal regulatory basis. One notable advantage is the potential to bypass the domestic 1 million yen (~$6,500) transfer cap, enabling larger corporate and institutional remittances. The stablecoin project was developed in partnership with Singapore-based Startale Group, which worked on smart contracts, APIs, and compliance infrastructure to support global settlements, tokenized asset transactions, and corporate payment flows.
SBI has a long history in blockchain and digital assets, operating SBI VC Trade and collaborating with Ripple through SBI Ripple Asia. The group also partners with Circle for USDC distribution in Japan and with Chainlink on asset tokenization and cross-chain infrastructure. The new stablecoin enters a market where JPYC already launched in 2025, but SBI’s banking, trust, and securities network could give it a competitive edge.
The launch coincides with broader regulatory updates in Japan, including moves to classify digital assets under the Financial Instruments and Exchange Act and proposed tax reforms that could reduce crypto gains taxation from near 55% to a flat 20% rate. Other major banks like MUFG, SMBC, and Mizuho are also exploring stablecoin initiatives, and institutional interest is rising, with Japanese pension funds beginning to review small crypto allocations.
