Japan has been watching the stablecoin race from the sidelines long enough. On February 27, 2026, SBI Holdings and Startale Group announced JPYSC, a yen-denominated stablecoin issued by SBI Shinsei Trust Bank, marking the first time a Japanese trust bank has backed a yen stablecoin. FSA approval was expected around June 23-24, 2026, putting a potential live launch essentially at the door.
Japan’s amended Payment Services Act created a new classification, the Type III Electronic Payment Instrument, and JPYSC is structured to fit squarely inside it.
What makes JPYSC different from what came before
Japan already had yen-pegged tokens. JPYC, the most prominent retail option, came with a hard cap of ¥1M on daily transactions. That limit made sense for consumer use cases and essentially made institutional adoption a non-starter.
JPYSC removes that ceiling entirely. The trust-bank structure means token holders hold statutory claims against segregated reserves, a legal protection that retail-focused tokens simply cannot offer.
