SBI Shinsei Trust Bank
SBI Shinsei Trust Bank said it would issue JPYSC, a trust-type yen stablecoin, first usable only inside SBI VC Trade accounts, and move it to public chains once legal and tax treatment is settled.
- Status
- Live
- Announced
- (announcement)
- Original title
- SBIグループおよびStartale Groupによる、国内初の信託型円建てステーブルコイン「JPYSC」の提供開始に関するお知らせ
- Stage
- Pilot
- Chain or network
- unknown
- Participants
- SBI VC Trade, SBI Shinsei Bank, SBI Holdings, Startale Group
- Next review
Scorecard
As of the review on . How pilots are scored
| Ledger | Unknown |
|---|---|
| Settlement | Stablecoin |
| Access | Closed |
| Legal standing | Token is the legal record |
| Scale | Single transaction |
What they said they would do
- MetIssue JPYSC on 24 June 2026 and offer it first within SBI VC Trade accounts, with no transfers to external wallets. (by )
- OpenMove to circulation on public chains, in Japan and abroad, as soon as the treatment under the relevant laws and tax practice is settled, subject to the supervisor's confirmation.
- OpenSBI VC Trade to start a JPYSC lending service shortly.
Review history
Live Pilot
JPYSC launched on 24 June 2026 inside SBI VC Trade accounts. No chain is named and no issuance figures are published, so ledger is unknown and scale is set to single. Public-chain circulation and the lending service have not been announced as started.
Evidence: corp.sbishinseibank.co.jp, fsa.go.jp
What was announced
On 24 June 2026 SBI Holdings, SBI Shinsei Bank, SBI Shinsei Trust Bank, SBI VC Trade and Startale Group, a Singapore firm in which SBI Holdings holds an equity-method stake, said SBI Shinsei Trust Bank had issued JPYSC, a yen stablecoin, and that SBI VC Trade would distribute it. The companies called it the first trust-type yen stablecoin in Japan. At first JPYSC can be used only inside SBI VC Trade accounts and cannot be withdrawn to an external wallet. The companies said technical and operational preparations for circulation on public chains were complete and that they would move there once legal and tax treatment is settled, subject to the supervisor’s confirmation. SBI VC Trade said it would start a JPYSC lending service shortly.
How it works
JPYSC is a third-category electronic payment instrument: a specified trust beneficiary interest issued by a trust bank, which holds the backing assets in trust. The release says that, unlike funds-transfer-type coins such as JPYC, it has no 1 million yen limit on holdings or transfers. SBI VC Trade acts as settlor and distributor; SBI VC Trade is a registered crypto-asset exchange and, as of 24 June 2026, the only registered electronic payment instruments intermediary. The release names no blockchain, so ledger is unknown. Only SBI VC Trade account holders can hold it, so access is closed. The token is the trust beneficiary interest itself, so legal is native.
Record so far
Issuance began on 24 June 2026 as announced. The Financial Services Agency’s 30 September 2026 briefing paper for its on-chain finance forum lists JPYSC, issued in June 2026, as one of the two yen stablecoins circulating in Japan alongside JPYC. No issuance figures have been published.
For Ethereum
The release puts the limit on public-chain use in law and tax practice, not technology: SBI Holdings’ chairman said legal issues remain for circulation on public chains. Where JPYSC goes when that is settled, and with what wallet controls, will show how Japan treats trust-type coins on permissionless chains.
What to watch
A notice that JPYSC can be withdrawn to external wallets, which would name its chain and contract and move access and ledger. The start of SBI VC Trade’s lending service. Any issuance figures.