SBI Holdings and Startale Launch Yen Stablecoin JPYSC, Targeting Q2 Launch

Odaily News Japanese financial group SBI Holdings and Startale Group announced the launch of the yen stablecoin JPYSC, positioning it for institutional and cross-border payment use cases. The stablecoin will be issued and managed under trust by SBI Shinsei Trust Bank, complying with Japan's digital asset regulatory framework. SBI's trading platform, SBI VC Trade, will serve as the primary distribution channel, with Startale responsible for technical development.

The parties stated that the trust bank-supported model helps enhance governance and compliance safeguards, promote the use of the yen within the digital financial system, and provide a compliant alternative to the current market dominated by USD stablecoins. The project is expected to launch in the second quarter of this year after obtaining regulatory approval.

In recent years, Japan has been advancing its stablecoin regulatory framework. In 2022, amendments to the Payment Services Act defined fiat-pegged stablecoins as "electronic payment instruments." Last October, Japan approved JPYC to issue a yen stablecoin. Major banks MUFG, SMBC, and Mizuho have also initiated pilot programs for stablecoins and tokenized deposits. (The Block)