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SBI prepares trust bank yen stablecoin

SBI Holdings plans a yen stablecoin named JPYSC with launch targeted for the second quarter of 2026. JPYSC will be Japan’s first yen stablecoin issued by a licensed trust bank, according to current public information. The issuer will be SBI Shinsei Trust Bank, which will hold the yen reserves in a trust structure under Japanese law. The project positions SBI as an early institutional issuer in Japan’s new stablecoin environment.

Roles for issuer, distributor and developer

SBI Shinsei Trust Bank will issue and manage JPYSC under a trust framework that holds client funds separately from the bank’s own assets. Crypto exchange SBI VC Trade will handle primary distribution of the token to customers, including institutional clients. Technology company Startale will provide the blockchain infrastructure and smart contract code for the stablecoin. This division of roles separates custody, trading access and technical operations between three regulated or identifiable entities.

"The JPYSC stablecoin will be issued by SBI Shinsei Trust Bank under Japan’s regulatory framework, making it the first trust bank‑backed yen stablecoin in the market.", 26 February 2026. — Joint announcement, SBI Holdings and Startale Group

Regulatory category and legal framework

JPYSC is structured as a Type III electronic payment instrument under Japan’s revised Payment Services Act. This act is Japan’s main law for stablecoins and other digital payment instruments. The trust bank structure is designed to meet capital, segregation and redemption rules in that framework. Public reports state that the planned launch in 2026 remains subject to regulatory approval under these rules.

Planned use cases and market focus

SBI and Startale describe JPYSC as a tool for institutional payments and cross-border settlement flows rather than for retail trading alone. The token aims to offer a regulated yen alternative in markets where United States dollar stablecoins dominate volumes today. Planned uses include high-value settlements, treasury operations and international transactions between Japanese and foreign institutions. Actual adoption figures will become visible only after launch and listing on supported platforms.