SBI Group Debuts JPYSC, Japan’s First Trust Bank-Backed Yen Stablecoin

SBI Group has launched JPYSC, a yen-pegged stablecoin created in collaboration with Startale Group, and has completed its inaugural issuance.

According to SBI, JPYSC is the first stablecoin in Japan to have its reserve assets administered by a trust bank. It is also the first yen-denominated stablecoin to be designated as an electronic payment instrument under the country’s Payment Services Act.

Notably, JPYSC is exempt from the 1 million yen cap typically applied to transaction amounts and account balances. For now, access to the stablecoin is limited to users of SBI VC Trade.

Source: The Block