SBI Group launches JPYSC, a trust bank-backed yen stablecoin in Japan

SBI Group has launched JPYSC, a trust bank-backed yen stablecoin now live for trading inside SBI VC Trade accounts in Japan. The token trades at a fixed 1-to-1 rate against the Japanese yen, though deposits, withdrawals, and public blockchain circulation are not yet available.

The launch, which went live on June 24, 2026, marks the arrival of a second regulated yen stablecoin in Japan’s market, following competitor JPYC’s debut under a different regulatory model late last year. For related coverage, see CME Group Launches 24/7 Bitcoin & Ethereum Futures and Options Trading.

TLDR Keypoints

• SBI Group has launched JPYSC, a yen stablecoin issued by Shinsei Trust and Banking Co. and distributed through SBI VC Trade, making it Japan’s first trust bank-backed stablecoin.
• JPYSC trades at a fixed 1 JPYSC = 1 JPY rate with no spread inside SBI VC Trade accounts, but deposits, withdrawals, and on-chain transfers remain disabled pending regulatory and tax clarification from Japan’s Financial Services Agency.
• The trust-based structure sets JPYSC apart from JPYC, which launched in November 2025 under the Money Transfer Business Act, a framework that carries a JPY 1,000,000 transfer ceiling that SBI’s model is designed to avoid once public-chain circulation opens.

What SBI Group Is Launching With JPYSC

SBI Holdings and Startale Group first announced JPYSC on February 27, 2026, describing it as a trust-based Type III Electronic Payment Instrument issued by Shinsei Trust and Banking Co. The announcement set a Q2 2026 launch target, subject to regulatory approvals. For related coverage, see Charles Schwab launches 24/7 Bitcoin futures trading.

That target has now been met. SBI VC Trade’s product page confirms JPYSC is tradable inside customer accounts at a fixed rate of 1 JPYSC = 1 JPY, with zero spread. For related coverage, see CME Group Plans to Sue CFTC Over Perpetual Futures Approval for Kalshi, Coinbase.

The launch is narrowly scoped. JPYSC deposits and withdrawals are not yet enabled, and SBI VC Trade states that public-chain circulation will only follow after Japan’s Financial Services Agency confirms both regulatory and tax treatment.

The per-transaction sale cap stands at 100,000,000 JPYSC, and the token has no issuance cap.

The launch matters most to institutional and retail users already inside SBI VC Trade’s ecosystem. Until transfers open, JPYSC functions as an internal settlement instrument rather than a freely circulating stablecoin.

Why the Trust Bank-Backed Structure Matters in Japan

JPYSC’s defining feature is its trust-bank issuance model. Shinsei Trust and Banking Co. issues the token as a trust-based Type III Electronic Payment Instrument, a structure that sits apart from the framework used by JPYC, the yen stablecoin that Elliptic reported launched in November 2025 as Japan’s first FSA-approved stablecoin under the Money Transfer Business Act.

The distinction is practical, not just regulatory. The Money Transfer Business Act imposes a JPY 1,000,000 per-transfer ceiling. SBI’s trust-bank model is being positioned to avoid that cap once on-chain transfers become available, which could make JPYSC more attractive for larger transactions and institutional use cases.

Japan’s approach to stablecoin regulation now features two parallel tracks: trust-based instruments like JPYSC and money-transfer-licensed tokens like JPYC. The stablecoin regulatory frameworks emerging in other jurisdictions, such as the GENIUS Act rulemaking in the United States, face a similar challenge of balancing consumer protection with operational flexibility.

For now, the trust structure’s advantages remain theoretical for end users. JPYSC cannot leave SBI VC Trade accounts, and the FSA has not yet confirmed the tax treatment that would govern on-chain circulation. SBI’s decision to launch inside its own exchange first, then expand, mirrors a phased regulatory strategy increasingly common among traditional financial institutions entering blockchain-based products.

The next concrete milestone will be FSA confirmation of the regulatory and tax framework for public-chain JPYSC transfers. Until that happens, the token remains a closed-loop product with a trust-bank pedigree but no on-chain footprint.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.