SBI Holdings and Startale Group have launched JPYSC, Japan's first yen-denominated stablecoin designed for both retail and corporate use.
SBI Holdings has partnered with Startale Group to unveil JPYSC, Japan's inaugural yen-backed stablecoin created under a trust framework. This new cryptocurrency is now available for users on the SBI VC Trade platform as of June 24.
Issued by SBI Shinsei Trust Bank and distributed via SBI VC Trade, JPYSC distinguishes itself from traditional stablecoins by not being bound by the 1 million yen limit on storage and transfers, making it viable for both retail and corporate transactions.
Exclusive Initial Use
Initially, JPYSC will function solely within the SBI VC Trade environment, allowing users to transfer and store the stablecoin among their accounts. However, external withdrawals to wallets are not yet supported.
Technical groundwork for enabling JPYSC's operation on public blockchains has been completed, with a broader launch anticipated pending legislative and regulatory approvals.
Enhancing Payment Efficiency
The creators of JPYSC aim to establish a more efficient payment system that could potentially lower costs and increase speed compared to conventional financial methods. SBI also envisions its use in cross-border transactions, particularly in conjunction with dollar-pegged stablecoins.
According to the press release, "The goal of JPYSC is to create a payment and liquidity infrastructure in yen for domestic and international financial markets on the blockchain."
Furthermore, SBI VC Trade intends to introduce a stablecoin lending service, allowing users to earn returns on their holdings.
Market Context
The launch of JPYSC occurs as the stablecoin sector experiences rapid expansion, with a total market capitalization exceeding $309 billion. However, the market remains largely dominated by dollar-based stablecoins, with Tether's USDT and Circle's USDC together accounting for over 85% of the supply.
In contrast, yen-denominated stablecoins represent a mere 0.15% of the market, valued at around $44 million, with JPYC being the most prominent at just over $20 million. For perspective, euro-pegged stablecoins exceed $725 million in supply.
It's notable that SBI and Startale began the development of JPYSC in December 2025.
