SBI Launches Yen Stablecoin JPYSC, With Trust Bank Managing Reserves

SBI Holdings has launched a yen-denominated stablecoin.

The Japanese financial group said June 24 that it issued JPYSC, a yen stablecoin, BlockBeats reported. Reserve assets will be managed by an SBI-affiliated trust bank, while distribution and circulation will be handled by SBI VC Trade, a licensed cryptocurrency exchange in Japan.

SBI described JPYSC as Japan’s first yen stablecoin with reserves managed by a trust bank.

JPYSC has also been recognized as an electronic payment instrument under Japan’s Payment Services Act, the report said. As a result, it is not subject to the 1 million-yen per-transaction cap applied to existing yen stablecoins.

SBI expects demand from both retail and institutional investors. The company said JPYSC could be used as a yen-based asset in on-chain foreign exchange markets, institutional lending and real-world asset, or RWA, tokenization.

SBI also plans to introduce lending services based on JPYSC.

For now, JPYSC is available only to account holders at SBI VC Trade. SBI plans to expand access once Japan’s regulatory framework becomes clearer.

Separately, Japan’s three megabanks — Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corp. and Mizuho Bank — are also jointly pursuing a stablecoin launch.