SBI Launches Yen Stablecoin JPYSC, Says Trust Bank Will Manage Reserves
Summary
- SBI Holdings said it has launched the yen stablecoin JPYSC, with reserve assets managed by an affiliated trust bank.
- The company said JPYSC has been recognized as an electronic payment instrument under Japan’s Payment Services Act, meaning the 1 million yen transaction cap does not apply.
- SBI said JPYSC could serve as a yen-based asset for use in on-chain foreign-exchange markets, institutional lending and RWA tokenization, and that it plans to roll out lending services.
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SBI Holdings has launched a yen-denominated stablecoin.
BlockBeats reported on June 24 that SBI had issued the yen stablecoin JPYSC. Reserve assets will be managed by an SBI-affiliated trust bank, while distribution and circulation will be handled by SBI VC Trade, a licensed Japanese cryptocurrency exchange.
SBI described JPYSC as Japan’s first yen stablecoin whose reserve assets are managed by a trust bank.
The company also said JPYSC has been recognized as an electronic payment instrument under Japan’s Payment Services Act. As a result, it is not subject to the 1 million yen limit per transaction that applies to existing yen stablecoins.
SBI expects demand for JPYSC from both retail and institutional investors. The company said the token could be used as a yen-based asset in on-chain foreign-exchange markets, institutional lending and the tokenization of real-world assets, or RWA.
SBI also plans to introduce lending services based on JPYSC.
For now, JPYSC is available only to SBI VC Trade account holders. 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.
