SBI Group has officially launched JPYSC, Japan’s first stablecoin backed by a trust bank, marking a major milestone for the country’s digital asset sector. The yen-pegged stablecoin will be issued through SBI Shinsei Trust Bank and distributed via the crypto exchange SBI VC Trade.
SBI said JPYSC is Japan’s first stablecoin established as a trust-based electronic payment instrument under the country’s Payment Services Act. JPYSC is not bound by the ¥1 million transaction limit seen with some transfer-type stablecoins, enabling it to be used for larger transactions for institutional and corporate users.
JPYSC can serve as a key settlement asset for onchain foreign exchange markets, institutional lending, cross-border payments and tokenized real-world assets, the company believes. The underlying infrastructure powering the stablecoin was built by the project’s technology partner, Startale Group.
The launch comes as Japan speeds up efforts to incorporate regulated stablecoins into its financial system a move that could help the yen take a bigger role in the fast-growing digital asset economy.
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