SBI Holdings, in collaboration with fintech company Startale Group, has announced the launch of JPYSC, Japan's first yen-denominated "stablecoin" created under a trust model.
As of June 24, the asset is available to customers of the SBI VC Trade crypto platform.
The issuer of JPYSC is SBI Shinsei Trust Bank, while distribution is handled by SBI VC Trade. Unlike stablecoins issued under remittance models, this new instrument is not subject to the 1 million yen limit on storage and transfers. According to the developers, this makes it suitable not only for retail users but also for corporate payments and large transactions.
Initially Limited to SBI Ecosystem
In its initial phase, JPYSC will be used exclusively within the SBI VC Trade infrastructure. Users will be able to store and transfer the stablecoin between accounts on the platform, but withdrawals to external wallets are currently unavailable.
The company stated that technical preparations for JPYSC's operation on public blockchains have already been completed. A full launch is expected after the necessary legislative and tax regulations are established, along with approvals from regulators.
Focus on International Transactions
The developers believe that JPYSC could serve as a foundation for cheaper and faster payments compared to traditional financial infrastructure. SBI also anticipates that the stablecoin will be used in cross-border transactions through exchanges with dollar-pegged stablecoins and other digital assets.
"The goal of JPYSC is to create a payment and liquidity infrastructure in yen for domestic and international financial markets on the blockchain," the press release states.
Additionally, SBI VC Trade plans to launch a lending service in stablecoin, allowing holders to earn returns on their assets.
Dollar Dominates the Stablecoin Market
The launch of JPYSC comes amid rapid growth in the stablecoin segment, which has a market capitalization exceeding $309 billion.
Source: CoinGecko.
The majority of this market is still dominated by dollar-denominated assets: Tether's USDT ($186 billion) and Circle's USDC ($74 billion) account for over 85% of the total market supply.
Stablecoins in other currencies currently hold a negligible share. Yen-based coins make up approximately 0.15% of the supply, with a total capitalization of around $44 million. JPYC is the leading stablecoin in this category, valued at just over $20 million. In comparison, the supply of euro-pegged stablecoins exceeds $725 million.
It is worth noting that SBI and Startale began developing JPYSC in December 2025.