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SBI and Startale Debut Japan’s First Trust Bank-Custodied JPY Stablecoin, JPYSC

Japan's SBI Group has teamed up with Startale to launch JPYSC, a yen-backed stablecoin issued under a trust structure. Reserve assets will be held in custody at SBI Shinsei Trust Bank, while SBI VC Trade will oversee issuance and circulation. The companies say JPYSC is Japan's first yen-backed stablecoin custodied by a trust bank. It is categorized as an electronic payment instrument under the Payment Services Act, allowing it to avoid the 1 million JPY cap that applies to single transactions and account balances. JPYSC is positioned as a core on-chain yen settlement asset, with potential use cases spanning on-chain FX, institutional lending, and real-world asset (RWA) settlement. Access is currently limited to SBI VC Trade account holders, and the exchange plans to roll out lending services for JPYSC at a later date.
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